Whistleblower Complaints: Fast Action Required

Recently I wrote about an internal investigation I did for a company which received a whistleblower complaint, sent to executives, the board of directors, and the Securities and Exchange Commission. Upon receiving notification that allegations of fraud were being made by a former employee, management immediately started evaluating the claims. …

Grant Thornton to SEC: Overstock.com Is Lying

UPDATE: Overstock.com just issued a press release in which Patrick Byrne calls Grant Thornton a bunch of liars. Add them to his list of “miscreants.” No longer can Patrick Byrne, wacky CEO of Overstock.com (NASDAQ:OSTK) claim that those pointing out his lies and materially misleading financial statements are just “miscreants,” …

Conservatism is no excuse for false financial statements, Overstock.com

I’ve written extensively in the past about the train wreck that is Overstock.com (NASDAQ:OSTK) and its nutty CEO, Patrick Byrne.  Just when I think there couldn’t possibly be more to write about the horrible company and Byrne’s crazy antics, I’m proven wrong. For those that have been following Overstock.com for …

The SEC Investigation of Overstock Was Because Patrick Byrne is Trying to Expose Corruption on Wall Street?

That appears to be what Patrick Byrne is suggesting in this interview. The story keeps changing. At one point, Patrick said he and Overstock.com (NASDAQ:OSTK) weren’t really the target of the SEC investigation. Rather, the investigation was focused on others (hence the “celebration” of subpoenas). When the SEC issued a …

Perspectives on the SEC’s No Action Letter to Overstock.com (NASDAQ:OSTK)

The discussion of the Securities & Exchange Commission’s “no action” letter to Overstock.com (NASDAQ:OSTK) continues around the blogosphere. On the one side we have the supporters of the company and wacky CEO Patrick Byrne (whos says “yipikaye” in response to the situation), who see this as a complete vindication of …

Securities & Exchange Commission Closes Inquiry Into Overstock.com

Overstock.com (NASDAQ:OSTK) announced today that the Salt Lake City office of the SEC notified them that it is not recommending any enforcement action against the company. The following was reported: “I know that the SEC has an obligation to look into allegations it receives about any company — even when …

Gradient issues negative report on UTStarcom in 2003; SEC files fraud charges against UTSI in 2008

SCOTTSDALE, Ariz. – (Business Wire) Five years after Gradient Analytics first reported on UTStarcom (UTSI), the U.S. Securities and Exchange Commission has announced accounting fraud charges and a settlement fine against two UTSI executives for “false financial filings.” Gradient Analytics initiated coverage of UTSI on Sept. 25, 2003, after finding …