Post by kranker on Nov 28, 2006 23:00:10 GMT -4
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Overstock.Com's Byrne Says Appellate Court May Rule on Lawsuit
By Brian Sullivan and Dan Hart
Nov. 24 (Bloomberg) -- A California appeals court is preparing to rule in Overstock.com Inc.'s effort to keep alive a lawsuit against Gradient Analytics Inc., Overstock Chief Executive Officer Patrick Byrne said today.
``The appellate court has said we're ready to rule without hearing oral arguments,'' Byrne said in an interview. He said Gradient, an Arizona-based research company, and hedge fund Rocker Partners LLC objected and want to make an argument.
Salt Lake City-based Overstock, which sells excess inventory online, filed a lawsuit in August 2005 that accused the two companies of conspiring to issue research aimed at driving down Overstock.com shares. Both have denied wrongdoing.
Gradient, which sells research to hedge and mutual funds, said in an appeal filed in San Francisco that its reports criticizing Overstock were protected free speech.
Byrne said he needs information from Rocker and Gradient. He said he would settle for a ``fair number'' with both parties.
Separately, he said that the surge in Internet shopping this year started about 10 days later than last year, which was about Nov. 5. He said the surge started off with Wal-Mart Stores Inc., Target Corp. and J.C. Penney Co.'s Web sites.
Shares of Overstock.com rose 10 cents to $14.51 as of 1:08 p.m. New York time in Nasdaq Stock Market composite trading. They have fallen 48 percent this year.
To contact the reporters on this story: Brian Sullivan in New York at bsullivan@bloomberg.net ; Dan Hart in Washington at dahart@bloomberg.net .
Last Updated: November 24, 2006 13:12 EST
www.bloomberg.com/apps/news?pid=newsarchive&sid=acK.zqkTs6V8#
tinyurl.com/yh5nj7
Overstock.Com's Byrne Says Appellate Court May Rule on Lawsuit
By Brian Sullivan and Dan Hart
Nov. 24 (Bloomberg) -- A California appeals court is preparing to rule in Overstock.com Inc.'s effort to keep alive a lawsuit against Gradient Analytics Inc., Overstock Chief Executive Officer Patrick Byrne said today.
``The appellate court has said we're ready to rule without hearing oral arguments,'' Byrne said in an interview. He said Gradient, an Arizona-based research company, and hedge fund Rocker Partners LLC objected and want to make an argument.
Salt Lake City-based Overstock, which sells excess inventory online, filed a lawsuit in August 2005 that accused the two companies of conspiring to issue research aimed at driving down Overstock.com shares. Both have denied wrongdoing.
Gradient, which sells research to hedge and mutual funds, said in an appeal filed in San Francisco that its reports criticizing Overstock were protected free speech.
Byrne said he needs information from Rocker and Gradient. He said he would settle for a ``fair number'' with both parties.
Separately, he said that the surge in Internet shopping this year started about 10 days later than last year, which was about Nov. 5. He said the surge started off with Wal-Mart Stores Inc., Target Corp. and J.C. Penney Co.'s Web sites.
Shares of Overstock.com rose 10 cents to $14.51 as of 1:08 p.m. New York time in Nasdaq Stock Market composite trading. They have fallen 48 percent this year.
To contact the reporters on this story: Brian Sullivan in New York at bsullivan@bloomberg.net ; Dan Hart in Washington at dahart@bloomberg.net .
Last Updated: November 24, 2006 13:12 EST
www.bloomberg.com/apps/news?pid=newsarchive&sid=acK.zqkTs6V8#