Salt Lake Tribune – Overstock.com Inc., which has accused a research company and hedge fund of conspiring to drive down its stock, received a subpoena from the United States for information about its claims and accounting policies.
The Securities and Exchange Commission’s subpoena requested information about Salt Lake City-based Overstock’s complaint against Gradient Analytics Inc., an Arizona research company it sued in August, Overstock said. The SEC also asked for documents about Overstock’s recent restatement, accounting policies and communications about ”naked” short selling.
Patrick Byrne, Overstock’s chief executive, has accused hedge funds, analysts and financial journalists of spreading negative information about his company to drive its stock down to benefit short sellers who bet Overstock’s shares would fall. Gradient, whose reports questioned Overstock’s accounting, has said the claims are aimed at harassing the company’s critics.
‘I may be the first CEO in history to celebrate receiving an SEC subpoena,” Byrne said in the statement. ”I am gratified to see that the SEC is looking into the issues about which I have been speaking.”
Karen Hinton, a spokeswoman for Gradient, had no immediate comment.
