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Showing posts from December, 2009

Is Overstock.com Shopping for an Audit Opinion?

Updated

Overstock.com (NASDAQ: OSTK) just hired KPMG as its auditors to replace Grant Thornton who was recently fired by the company, despite previous assurances by CEO Patrick M. Byrne (photo on right) and company President Jonathan E. Johnson that they would not hire new auditors until after the Securities and Exchange Commission Division of Corporation Finance completed its review of certain financial reporting irregularities.

Both the SEC Enforcement Division and Division of Corporation Finance started investigating Overstock.com after I alerted them that the company violated Generally Accepted Accounting Principles (GAAP) by improperly establishing what is known as "cookie jar" reserves to inflate its financial performance starting in Q4 2008. Afterwards, Overstock.com fired Grant Thornton as the company's auditors and publicly vilified them when they recommended another restatement of the company's financial reports, just as I previously called for in my blog. Th…

Open Letter to the Securities and Exchange Commission (Part 5): Issuer Retaliation Complaint Against Overstock.com

To the Securities and Exchange Commission:Last week Overstock.com (NASDAQ: OSTK) CEO Patrick M. Byrne ordered his paid internet stalker Judd Bagley to post an enemies list that included the "Facebook friends" of his critics on the DeepCapture.com web site, which has received both direct and indirect funding from the company and Byrne. As I will describe below, Overstock.com uses DeepCapture.com as a vehicle to viciously vilify and intimidate critics of the company and Patrick Byrne.Recently, the Securities and Exchange Commission started investigating Overstock.com's improper use of "cookie jar" reserves to inflate the company's financial performance starting in Q4 2008 as well as other financial reporting violations, as a result of reporting in this blog. I urge you to also investigate Overstock.com's vicious corporate sponsored retaliation and intimidation campaign against company critics such as myself.Overstock.com's Board of Directors have brea…

Overstock.com and Patrick Byrne Have an Enemies List That Includes Friends and Family Members of Critics

Updated:

If you are a critic of Overstock.com (NASDAQ: OSTK) beware that CEO Patrick M. Byrne and his paid stalker Judd Bagley wants to know all about your friends, acquaintances, and family members on Facebook in a desperate effort to intimidate you into silence. According to Barry Ritholtz:
Here is something weird, and a little creepy: The freakshow that is DeepCapture.com seems to have grabbed all of the Facebook friends of anyone who has ever: a) written anything positive about short selling or 2) said anything negative about Overstock.com.....For those of you who are unaware of what DeepCapture is, the name suggests that the short sellers have “Captured” the press. Deep Capture is a work of Patrick Byrne, founder of Overstock.com.For those of you who are unaware of what DeepCapture is, the name suggests that the short sellers have “Captured” the press. Deep Capture is a work of Patrick Byrne, founder of Overstock.com.DeepCapture.com is a web site financed by Patrick Byrne and its m…