Overstock.com Inc. issued a press release announcing it has filed an amended complaint in its lawsuit against Gradient Analytics Inc., Rocker Partners LP, Rocker Management LLC, Rocker Offshore Management Company Inc., David Rocker, Marc Cohodes, James Carr Bettis, Donn Vickrey and Matthew Kliber. Overstock.com's original complaint, filed on August 11, alleged that the defendants conspired to denigrate Overstock.com's business for personal profit. The amended complaint outlines additional causes of action and "articulates in greater detail the evidence against the defendants."
Overstock said it added two law firms to its legal team - Freitas, McCarthy, MacMahon & Keating LLP and Stein & Lubin LLP. The amended complaint will be available for download on the Overstock.com Investor Relations website (http://www.shareholder.com/overstock).
Overstock issued a press release announcing the amended complaint, and included a note at the bottom from Overstock founder and CEO Patrick Byrne:
Byrne added, "On an unrelated note, but one that may affect Overstock shareholders, I feel obliged to share the following information: on August 8 I bought 25,000 shares of OSTK (as has been filed). My broker was unable to settle the trade: according to them, Morgan Stanley refused to deliver. All attempts by my broker to force Morgan to deliver were met with Morgan statements to the effect that, "You have to understand, this is a very hot stock." (I missed the part of the regulations that say, "You have to settle promptly, unless it is a hot stock.") Incidentally, by "hot" they did not mean, "likely to go up": apparently they mean, "stock in which cheating is being allowed." On September 29, a full 50 days after the trade, Morgan delivered. Copies of email correspondence confirming this story are posted on the Motley Fool message board. I have filed a complaint with the NASD. Incidentally, I know of another 200,000 share trade that has had similar difficulty clearing for over a month. I urge shareholders to check and double check whatever their brokers are telling them about their positions in OSTK or other stocks, in case other brokerages think their stocks are "hot" too."
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