SEC Clears Overstock Of Naked Shorting Charges

Law360, New York (June 9, 2008, 12:00 AM EDT) -- While Overstock.com CEO Patrick Byrne's professed happiness at a U.S. Securities and Exchange Commission subpoena over allegations of naked short selling may have seemed strange two years ago, his optimism has proved prescient: the commission decided not to sue the online retailer after all.

Salt Lake City-based Overstock announced Friday that an SEC regional head has informed the company that the regulator's investigation is complete and that it will not recommend an enforcement action against it or any of its officers.

"I know that the SEC...
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