This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Hedge Fund Manager Rocker Retiring

Hedge fund manager David Rocker, whose firm is at the center of a short-selling controversy involving Overstock.com (OSTK - Get Report), is retiring.

Rocker has relinquished his portfolio management responsibilities as part of a management succession plan, according to a statement from Rocker Partners. His departure is effective Jan. 7, the statement says.

Rocker Partners isn't changing its investment approach, the statement from PR firm Rubenstein Associates says, adding that three years ago Rocker and his partners David and Marc Cohodes began to split duties at the Millburn, N.J. firm.

Rocker Partners owns a minority stake in TheStreet.com (TSCM), publisher of this Web site. The firm was founded by Rocker in 1985. Unlike most short-sellers, Rocker has spoken out publicly and has earned the wrath of some of the companies he has targeted. He didn't respond to an email requesting comment.

Last year, Overstock filed a lawsuit alleging a wide-ranging conspiracy to manipulate the share price of the Internet retailer. Overstock alleges that research firm Gradient Analytics was in cahoots with short sellers including Rocker Partners. Both companies have denied wrongdoing.

Rocker is 63. His departure isn't related to the Overstock controversy, a spokeswoman says.

In 2003 testimony before the House of Representatives, Rocker argued that short sellers, who profit by betting that a stock's price will decline, play an important role in keeping markets honest.

"Short-sellers frequently serve as unpaid but self-interested detectives and have willingly shared their findings with the SEC," Rocker said.

TheStreet.com and James J. Cramer, its co-founder and major shareholder, were subpoenaed in February in connection with a Securities and Exchange Commission investigation into Overstock's allegations. The company and other media firms including Dow Jones (DJ) fought the government's request for information.

As originally published, this story contained an error. Please see Corrections and Clarifications.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
OSTK $23.94 0.00%
AAPL $123.25 0.00%
FB $83.30 0.00%
GOOG $548.34 0.00%
TSLA $185.00 0.00%

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs