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Gradient Subpoenaed in SEC Market Manipulation Probe

Law360 (March 27, 2006, 12:00 AM EST) -- Research firm Gradient Analytics, recently under fire from retailer Overstock.com over alleged stock price manipulation, has become the focus of a Securities and Exchange Commission investigation into possible market manipulation.

The SEC has subpoenaed Gradient, asking the firm to provide e-mails, phone records and other documents relating to correspondence with hedge fund advisors and journalists, in conjunction with an agency probe into whether the firm aided hedge funds in driving down stock prices.

The Commission has issued other subpoenas in the investigation, several of which landed...
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