TheStreet.com, Cramer Get Subpoenas in Gradient Probe

Updated from 6:01 p.m. EST

A regulatory investigation into allegations of collusion between short-sellers and a stock-research firm has led to the serving of subpoenas on TheStreet.com(TSCM Quote) and its co-founder and major shareholder, James J. Cramer.

Both TheStreet.com, which publishes this Web site, and Cramer, who writes a column on its RealMoney subscription site, have objected to the government's demands for communications between journalists and their sources.

The subpoenas are related to a Securities and Exchange Commission investigation into allegations that Gradient Analytics, an Arizona stock-research firm, published bearish research reports at the behest of a group of short-sellers, including Rocker Partners, a minority owner of TheStreet.com. ...