It emerged earlier this month that online retailer, Overstock.com has filed a lawsuit against hedge fund Rocker Partners and hedge fund research firm, Gradient Analytics, arguing that the defendants "denigrated" the firm's reputation "for personal profit".
The complaint alleges that Gradient Analytics is closely aligned with various stock hedge funds, and that with Rocker Partners, it conspired to denigrate Overstock.com's business so as to reap personal profits for the principals of both organisations.
Dr. Patrick Byrne, founder and president of Overstock.com, announced that:
"What's at stake here is innovation and entrepreneurship in America. My company has been attacked and I'm not going to take this lying down. In joining forces with John O'Quinn and his team of lawyers, I think we have what it takes to win. We certainly have what it takes to fight."
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