Tuesday, 1 December 2015
Last updated 9 min 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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…