From Deseret News archives:
Overstock chief says he has proof of plot
Now Byrne is trying to back up his allegations with declarations from three former employees of a stock-research firm called Gradient Analytics Inc. He says the declarations support his contention that Gradient negatively adjusted its research on Overstock.com at the request of David Rocker's Rocker Partners LP, a hedge fund that has acknowledged taking a bearish short position in Overstock's shares. Shorts sell barred stock in the hope that the stock price will drop and they can return the loan and pocket the difference as profit.
The declarations from the three former Gradient employees are the latest in an increasingly heated and often weird stock-market battle. Even before the declarations have been filed with the court, they are under attack because two came from people who were fired by Gradient last year.
Bulls and bears frequent Internet chat rooms to duke it out over the stock and Byrne's stewardship of the company, and their postings run the gamut from gushing to vitriolic.
Probably nobody has been more outspoken than Byrne, whose company sells discount merchandise over the Internet. Through the first six months of this year, Overstock reported a net loss of $6.7 million on revenue of more than $316 million. Its stock price, which soared from the low teens in late 2003 to over $75 a share by late 2004, now is about $40 on the Nasdaq Stock Market.
Comments
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LOL i hate both schools Go Aggies
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