Overstock.com , an online retailer, announced today that the company has settled all claims in a defamation lawsuit it had filed against Gradient Analytics.
Overstock filed suit against Gradient in 2005 and alleged that the company had conspired with a partner to write negative research reports and drive down the price of its stock.
Gradient released the following statement concerning research reports it previously published about Overstock: “Having reviewed all SEC filings, relevant accounting literature, and all other information available to it, Gradient now believes that, to the best of its knowledge, Overstock’s stated accounting policies did in fact conform with Generally Accepted Accounting Principles (GAAP) and regrets any prior statements to the contrary.”
The terms of the settlement are confidential.
Sources: http://investors.overstock.com/phoenix.zhtml?c=131091&p=irol-newsArticle&ID=1208782&highlight=
http://www.reuters.com/article/rbssConsumerGoodsAndRetailNews/idUSN1346384320081013
Tags: Gradient Analytics, Overstock.com
