Search This Blog

14 Oct 2008

Overstock Settles After Gradient Apologises

Overstock.com Inc. 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:"

Having reviewed all SEC filings, relevant accounting literature, and all other information available to it, Gradient now believes that, to the best of it 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.

Gradient has examined and improved its internal policies concerning how it communicates with clients, including hedge funds, and the media.

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 are confidential.

1 comment:

Taniya said...

Really a wonderful information about Overstock.