Lost in the late-day shuffle of last Friday: Copper River (formerly Rocker Partners) filed a countersuit against Overstock.com (OSTK) and its top officers and directors, alleging the company made false statements to orchestrate a short-squeeze while at the same time engaged in a campaign to intimidate critics, including yours truly and other members of the press.
Along those lines, here’s an interesting tidbit: Copper River’s case is being led by David Shapiro of Boies, Schiller & Flexner.
For those who weren’t around at the time, Shaprio was the U.S. Attorney in San Francisco that led the charge against Media Vision, which landed the tech company’s CEO and CFO in prison. (Much of what I originally reported about Media Vision was included in the case. As I mentioned here in the past, the CEO, Paul Jain, tried to intimidate me into not writing.) Shapiro subsequently spearheaded a series of financial accounting fraud and insider trading cases at Informix and McKesson HBOC (MCK).
I wonder if Overstock’s Patrick Byrne, who once said he that he may be the first CEO to ever “celebrate” receiving an SEC subpoena, will also celebrate Shapiro’s involvement. In a press release yesterday afternoon, there was no celebration. Instead, Byrne said, “Now we look forward to getting this matter to trial. To that end I welcome to the fray Mr. Rocker’s new attorney, David Shapiro, the elite white-collar criminal defense specialist from Boies, Schiller & Flexner.”
The beat goes on….