Overstock.com Announces Settlement of Claims Against Gradient Analytics and Its Principals
Monday October 13, 12:05 pm ET
All Attention Now on Copper River and Its Principals
SALT LAKE CITY, Oct. 13 /PRNewswire-FirstCall/ -- Overstock.com, Inc. (Nasdaq: OSTK - News) announced it has settled all claims against Gradient Analytics and its principals and officers named as defendants in Overstock's defamation case filed in Marin County, California.
Overstock.com chairman and CEO, Patrick Byrne said, "I am pleased to publish this statement from Gradient Analytics:
Gradient issues this Statement concerning research reports previously
published by it regarding Overstock.com, Inc. Having reviewed all SEC
filings, relevant accounting literature, and all other information
available to it, Gradient now believes that, to the best of its
knowledge, Overstock's stated accounting policies did in fact conform
with Generally Accepted Accounting Principles (GAAP) and regrets any
prior statements to the contrary.
Some of Gradient's prior reports asserted that certain Overstock
directors -- i.e., Allison Abraham, John Fisher and Gordon Macklin --
were not independent directors according to Gradient's criteria for
evaluating independence. However, under NASD Rules, those directors were
independent. Gradient extends its apology to the Macklin family for any
remarks or observations concerning the suitability or independence of Mr.
Gordon Macklin, who served with distinction as a past President of the
NASD, was widely regarded as a pioneer in the financial industry, and,
due to his expertise, was asked to serve on many corporate boards.
Gradient has examined and improved its internal policies concerning how
it communicates with clients, including hedge funds, and the media.
Gradient acknowledges that former Executive Vice President of Research
Matthew Kliber, a named defendant in this litigation, was not responsible
for any of Gradient's research on Overstock.
Gradient regrets that the parties have been embroiled in litigation over
its reports and looks forward to both sides' moving forward with their
respective businesses.
Byrne added: "I wish Gradient Analytics the best in their future endeavors. Overstock.com will now focus on the remaining defendants, Copper River, David Rocker, and Mark Cohodes."
The details of the settlement reached today are confidential. |
