Post by imSINGLEruRICH on Feb 12, 2008 23:13:37 GMT -5
By: kashman9
12 Feb 2008, 09:42 PM EST
Msg. 661506 of 661532
Jump to msg. #
OT: The following PR by Overstock .com is a bombshell to Wallstreet!
The discovery in this case and the subsequent Overstock .com trial will IMO bring into focus just how badly many stocks, especially OTC/Pink Sheet stocks, have been manipulated by Wall Street, etc. over the past several years.
Overstock Applauds Trial Court's Ruling in Gradient Case; Gradient Defendant Loses Dash for Exit as Court Sets September 9 Trial Date
Tuesday February 12, 5:50 pm ET
Overstock eager to move to trial, believes it will expose widespread Wall Street corruption
SALT LAKE CITY, Feb. 12 /PRNewswire-FirstCall/ -- Overstock. com, Inc. (Nasdaq: OSTK - News) today announced that in Overstock. com et al. v. Gradient Analytics et al., California Marin Superior Court Judge Lynn O'Malley Taylor ruled against Gradient Defendant Matthew Kliber's bid to exit the case. In addition, Judge O'Malley has set the case for trial on September 9, 2008.
Jonathan Johnson, Overstock Senior Vice President of Legal said, "Once again, defendants' efforts to derail this case fall flat. In every instance the trial and appellate courts have ruled that Overstock has a 'reasonable probability' of prevailing on every claim, just as the California Supreme Court declined Defendants' Petition for Review of those decisions. They are out of running room -- and we now have a trial date set. It's time to bring their conduct into the light of day."
Whistleblowers who worked at Gradient have provided detailed declarations outlining a scheme by which various hedge funds participate in ordering, reviewing and editing Gradient reports on numerous target companies while they practice pre-publication trading ahead of these reports that they effectively ghost-write. The witnesses identify several current and former Gradient executives, including Kliber, as playing a role in this scheme. The whistleblower declarations are available at: http://www. overstock. com/cgi-bin/d2.cgi?page=staticpopupfull&sta_id=11151
Overstock.com et al. v. Gradient Analytics et al. alleges that Kliber, Gradient and other defendants, including the Copper River Partners (formerly Rocker Partners) hedge fund, colluded to publish such "shill" reports about Overstock, making defamatory and false claims, in a manner that a California appellate court characterized as "carpet bombing." Overstock is suing for libel, unfair business practices and tortious interference. Kliber challenged the sufficiency of the Overstock complaint on several grounds, all of which Judge Taylor today rejected.
Overstock CEO Patrick Byrne said, "These broad-tossers have given us a two-and-a-half year cook's tour of the California appellate process. They engage in such legal posturing because they know this case will expose a widespread, illegal Wall Street practice that harms American companies and makes money at the expense of American investors. I look forward to the day when the scofflaws are no longer in a backroom seeing their orthodoxies supped by biddable regulators and tractable New York financial journalists, but are instead sitting in a California courtroom trying to rationalize their schemes to twelve citizens."
12 Feb 2008, 09:42 PM EST
Msg. 661506 of 661532
Jump to msg. #
OT: The following PR by Overstock .com is a bombshell to Wallstreet!
The discovery in this case and the subsequent Overstock .com trial will IMO bring into focus just how badly many stocks, especially OTC/Pink Sheet stocks, have been manipulated by Wall Street, etc. over the past several years.
Overstock Applauds Trial Court's Ruling in Gradient Case; Gradient Defendant Loses Dash for Exit as Court Sets September 9 Trial Date
Tuesday February 12, 5:50 pm ET
Overstock eager to move to trial, believes it will expose widespread Wall Street corruption
SALT LAKE CITY, Feb. 12 /PRNewswire-FirstCall/ -- Overstock. com, Inc. (Nasdaq: OSTK - News) today announced that in Overstock. com et al. v. Gradient Analytics et al., California Marin Superior Court Judge Lynn O'Malley Taylor ruled against Gradient Defendant Matthew Kliber's bid to exit the case. In addition, Judge O'Malley has set the case for trial on September 9, 2008.
Jonathan Johnson, Overstock Senior Vice President of Legal said, "Once again, defendants' efforts to derail this case fall flat. In every instance the trial and appellate courts have ruled that Overstock has a 'reasonable probability' of prevailing on every claim, just as the California Supreme Court declined Defendants' Petition for Review of those decisions. They are out of running room -- and we now have a trial date set. It's time to bring their conduct into the light of day."
Whistleblowers who worked at Gradient have provided detailed declarations outlining a scheme by which various hedge funds participate in ordering, reviewing and editing Gradient reports on numerous target companies while they practice pre-publication trading ahead of these reports that they effectively ghost-write. The witnesses identify several current and former Gradient executives, including Kliber, as playing a role in this scheme. The whistleblower declarations are available at: http://www. overstock. com/cgi-bin/d2.cgi?page=staticpopupfull&sta_id=11151
Overstock.com et al. v. Gradient Analytics et al. alleges that Kliber, Gradient and other defendants, including the Copper River Partners (formerly Rocker Partners) hedge fund, colluded to publish such "shill" reports about Overstock, making defamatory and false claims, in a manner that a California appellate court characterized as "carpet bombing." Overstock is suing for libel, unfair business practices and tortious interference. Kliber challenged the sufficiency of the Overstock complaint on several grounds, all of which Judge Taylor today rejected.
Overstock CEO Patrick Byrne said, "These broad-tossers have given us a two-and-a-half year cook's tour of the California appellate process. They engage in such legal posturing because they know this case will expose a widespread, illegal Wall Street practice that harms American companies and makes money at the expense of American investors. I look forward to the day when the scofflaws are no longer in a backroom seeing their orthodoxies supped by biddable regulators and tractable New York financial journalists, but are instead sitting in a California courtroom trying to rationalize their schemes to twelve citizens."
