SALT LAKE CITY, Dec. 11 /PRNewswire-FirstCall/ -- Overstock.com, Inc.
(Nasdaq: OSTK) comments on media reports that Copper River Partners, L.P,
previously managed by David Rocker and now by Marc Cohodes, has liquidated
because of "the enormity of its losses" and a "violent market downturn and the
government's decision to impose wide-ranging restrictions on short selling".
"I follow the advice of Loazi: 'In war's victory keep to funeral
ceremony.' To those Copper River investors who reportedly lost their money, I
extend condolences," said Patrick Byrne, Overstock.com chairman and CEO.
"The liquidation of the fund does not end our litigation against Copper
River or its principals. In fact, we have recently added four additional
Copper River general partners as defendants. The trial remains set for
February 2010, and we are in the heat of discovery. If the fund did not
retain sufficient assets to satisfy the eventual award we expect, we will
reach into the pockets of Rocker, Cohodes, the other general partners, and if
necessary, into the pockets of the limited partners themselves," said Mark
Griffin, Overstock.com general counsel.
In August 2005, based on the sworn statements of ex-Gradient employees,
Overstock.com filed its case against Gradient Analytics, Inc., its principals,
Copper River and its principals, alleging a scheme by which Gradient Analytics
published false information supplied by Copper River about Overstock.com. At
the time, Gradient published a flurry of false and negative reports on
Overstock.com, which the California Court of Appeals referred to as "Carpet
Bombing," all of which were calculated, according to the complaint, to drive
down the share price of Overstock.com so Copper River could profit from its
short sales of Overstock.com's shares.
Substantially all the efforts of Copper River to have the case dismissed
have been rejected by reviewing courts. As previously reported, in October
2008, Overstock.com reached a confidential settlement agreement with Gradient
and its principals and that portion of the case has been dismissed.
Statements of the ex-Gradient employees can be viewed at:
Overstock.com, Inc. is an online retailer offering brand-name merchandise
at discount prices. The company offers its customers an opportunity to shop
for bargains conveniently, while offering its suppliers an alternative
inventory distribution channel. Overstock.com, headquartered in Salt Lake
City, is a publicly traded company listed on the NASDAQ Global Market System
and can be found online at http://www.overstock.com.
Overstock.com(R) is a registered trademark of Overstock.com, Inc. All
other trademarks are the property of their respective owners.
This press release contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Such forward-looking statements include, but
are not limited to, statements regarding the trial date, success at trial as
against any named defendant or on any particular claim. Our Form 10-K for the
year ended December 31, 2007, our subsequent quarterly reports on Form 10-Q,
or any amendments thereto, and our other subsequent filings with the
Securities and Exchange Commission identify important factors that could cause
our actual results to differ materially from those contained in our
projections, estimates or forward-looking statements.
SOURCE Overstock.com, Inc.
Web Site: http://www.overstock.com