The founder of real estate website Onthehouse, Michael Fredericks, has stood down after legal action was launched against him in Queensland.
The boss of real estate website Onthehouse has stood down after legal action was launched against him in Queensland.
Chairman Gail Pemberton said Michael Fredericks had agreed to stand down as chief executive pending an investigation by the board.
The move comes after orders were made against Mr Fredericks in a civil case in Queensland’s Supreme Court last Friday.
“The board has engaged independent legal advisers to investigate the matter,” the company said in a brief statement on Tuesday.
Onthehouse did not reveal what the court case was about.
Mr Fredericks, a former lawyer, listed Onthehouse on the Australian share market in 2011 after founding it five years earlier.
The company, which is worth about $45 million, provides a raft of free property information for home owners and real estate agents.
Shares in Onthehouse dived shortly after the announcement by the company.
The stock was 7.5 cents lower at 47.5 cents by 1453 AEST.
Further comment was being sought from Onthehouse.