Overstock.com terminates $16.8 million direct placement of stock

By Sheri Kasprzak

New York, May 10 - Overstock.com, Inc. cancelled its previously announced $16.8 million direct placement of stock.

The move came after the company received a subpoena from the Securities and Exchange Commission requesting documents relating to the company's accounting policies and financial statements.

In the placement, an investor agreed to buy 700,000 shares at $24.00 each.

The subpoena comes after Overstock.com filed a complaint against Gradient Analytics, Inc.

Based in Salt Lake City, Overstock.com is a discount online retailer of books, music, movies and other products.

On Wednesday, the stock fell 1.63%, or 41 cents, to close at $24.75, losing another 40 cents in after-hours trading.

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