SEC and Regulatory Action
A Securities and Exchange Commission investigation of Gradient Analytics was initiated but then dropped in February 2007. An SEC investigation of Overstock.com and Byrne, seeking information as to the company's accounting policies, targets, projections, and estimates relating to its financial performance, continued but was dropped in June 2008.
In July 2007, two American Stock Exchange options market makers were fined and suspended for using Regulation SHO exemptions to "impermissibly engage in naked short selling" in trades involving options and stocks for their own account. Overstock shares were believed to be among the stocks traded. The market makers settled without admitting or denying the allegations. None of the defendants sued by Overstock were named in the decision, but the Dow Jones News Service said that the decision was likely to be used by Byrne in pursuing his case.
Read more about this topic: Overstock.com
Famous quotes containing the word action:
“Let no one say that taking action is hard. Action is aided by courage, by the moment, by impulse, and the hardest thing in the world is making a decision.”
—Franz Grillparzer (1791–1872)