Post by jcline on Sept 19, 2007 17:43:41 GMT -5
www.bloomberg.com/apps/news?pid=newsarchive&sid=a3UFOQ9qzeJs
Gradient, Rocker Lose Court Bid to Dismiss Overstock.com Suit
By Karen Gullo
Sept. 19 (Bloomberg) -- Gradient Analytics Inc., a research firm, and Rocker Partners LLC, a hedge fund, lost a second bid to dismiss a lawsuit accusing them of driving down Overstock.com Inc.'s shares.
The California Supreme Court in San Francisco denied petitions today to review a lower court's decision allowing the lawsuit to proceed, according to the court's Web site.
Overstock.com, an Internet seller of discounted brand-name goods, claims Gradient issued false and misleading reports about the company using information from Rocker to help the fund profit on trades. Gradient and Rocker deny the claims.
The case is Overstock.com v Gradient Analytics, S154213, California Supreme Court, (San Francisco.)
To contact the reporter on this story: Karen Gullo at kgullo@bloomberg.net
Last Updated: September 19, 2007 17:18 EDT