Friday, 28 November 2014
Last updated 5 hours ago
Nov 13 2007 | 11:58am ET
It took more than two years, but the hedge fund sued by Overstock.com has finally countersued.
Larkspur, Calif.-based Copper River Partners, accused by Overstock of being part of a wide-ranging conspiracy to drive down its stock price, returned fire, alleging that the online retailer used a campaign of misinformation and fudged accounting to jack up its share price.
In addition, Copper River—the former Rocker Partners—accuses Overstock of a “campaign of menace” using short squeezes to distract investors from its poor performance.
The hedge fund says Overstock altered its accounting system to allow it to claim a big jump in revenues, though there was allegedly no corresponding spike in business activity. It also accuses Overstock CEO Patrick Byrne of publicly downplaying the company’s need for capital.
Overstock said there is nothing to Copper River’s claims.
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...