Gradient Over the Hump
Securities regulators are apparently getting off the back of Gradient Analytics, a Scottsdale, Arizona forensic accounting research outfit formerly known as Camelback Research Alliance.
In a move sure to send some Gradient critics whacky, the shop is likely to see a “No Action” letter.
Gradient Gets “No Action” on Valentine’s Day?
What a bunch of losers...getting a little action on Valentine’s Day should be a layup.
By RODDY BOYD
February 14, 2007—The Securities and Exchange Commission is dropping its investigation into Gradient Analytics, an embattled independent research shop accused of deliberately skewing its research to benefit short-sellers.
The SEC’s move is a major break for Gradient, a 10-year-old Scottsdale, Ariz.-based company that specializes in forensic analysis of corporations’ earnings quality. According to a source familiar with the matter, SEC staff lawyers in the San Francisco office offered to send the research shop a rare “No Action” letter.
An SEC spokesman declined comment.
Gradient is at the center of legal battles with Overstock.com and Canadian pharmaceutical manufacturer Biovail, both of which argue that the company’s researchers crafted deliberately negative reports. New York Post
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