Rocker/Gradient Finally Answer Complaint; Overstock Hails Progress Towards Trial
Overstock.com Eager to Begin Discovery and Move to Trial on the Merits
November 12, 2007: 04:33 PM EST
Overstock.com, Inc. (NASDAQ: OSTK) today announced that Rocker Partners and Gradient Analytics have finally answered Overstock's complaint, filed over two years ago.
"For over two years they have been trying to get this kicked out of court by every contrivance known to man and law," said Overstock Chairman and CEO Patrick Byrne, "but having failed at every stage, and in every court, in front of every judge (all four of them), they have run out of excuses, and had to answer. Now we look forward to getting this matter to trial....
money.cnn.com
...Overstock has alleged that Rocker Partners paid Gradient Analytics to publish reports with provably false information to drive down Overstock's share price, that the defendants shared and discussed drafts of these reports, and that Gradient, at Rocker's request, held up publication while Rocker positioned its portfolio. Three courts have looked at our support for this case, and all three have ruled in our favor and against Rocker Partners and Gradient Analytics. Rocker's allegations simply restate the failed defensive positions to which the defendants clung in the past."
In September 2007, the California Supreme Court cleared the way for Overstock to proceed on all causes of action when it refused to review both defendants' arguments that their behavior is protected under the First Amendment, an argument which lost at the trial court and in a unanimous, three judge panel ruling in the California Court of Appeals handed down earlier in this year. ... |
