Tuesday, November 24, 2009

Overstock's Former Audit Firm Takes Disagreement To SEC

The drama over Salt Lake City-based Overstock.com's quarterly results announcement last week has heated up, with a filing today by Grant Thornton LLP, the audit firm engaged--and fired--by Overstock to review the firm's quarterly results. In a letter sent to the U.S. Securities and Exchange Commission, and released by Grant Thornton, the audit firm said it disagreed with the statements released by Overstock about the firm. Among other details, Grant Thornton said it advised Overstock.com that a disclosure should be made to "prevent future reliance" on its March 31, 2009 and June 30, 2009 financial statments, due to "material modifications" needed to confirm with US GAAP.