Now Overstock.com Getting Sued
Overstock.com has made headlines by charging in a lawsuit that a hedge fund and a research firm conspired to drive down Overstock's shares. The research firm is Gradient Analytics, whose cofounder and research head, Donn Vickrey, works from Carlsbad and was once an accounting professor at the University of San Diego. Overstock has charged that Herb Greenberg, resident of Carmel Valley, columnist for the Wall Street Journal and MarketWatch.com, and commentator for CNBC, has worked with Vickrey to run down the stock, although Greenberg has never been charged in a suit. The successor to the hedge fund, Copper River, has filed a counterclaim against Overstock, saying it has been trying to draw attention from its own failures by making "false and disparaging accusations" against its critics, as well as filing a meritless lawsuit. Fortune Magazine reports that Overstock's cumulative losses to date exceed $238 million. It has never had a profitable year.
More like this:
- Greenberg Leaves San Diego, Back on CNBC — June 2, 2010
- San Diego’s best-known short seller, Barry Minkow — March 24, 2010
- Hedge Fund Disasters Lead to Resignation of Chief Investment Officer of County Retirement Fund — March 5, 2009
- Overstock.com goes after San Diego nay-sayers — Oct. 4, 2007
- Hedge Funds, "Shorts," Deny Collusion — March 16, 2006