|OVERSTOCK FACES SUIT |
April 11, 2008 -- Overstock.com Inc., the Internet seller of discounted brand-name goods, and Chief Executive Officer Patrick Byrne will be sued for libel by Gradient Analytics Inc., the research firm said.
Gradient was defamed by Overstock.com and Byrne in retaliation for research that criticized the retailer's financial performance, Gradient said in an e-mailed statement.
Gradient will file the complaint when it gets final permission to do so from a California state court judge in San Francisco, spokeswoman Karen Hinton said yesterday in a voicemail message. Earlier yesterday, Hinton said the suit had been filed.
"These bullies have spent two and a half years hiding in the locker room to avoid having to back up their words," Byrne said yesterday in an e-mail. "Now that they've been dragged by their heels kicking and screaming into the ring, they bounce up and begin pounding their chests."
Overstock.com fell $1.31, or 9.3 percent, to close at $12.81.