NewRiver Inc. uses a patented technology to allow the retrieval of updates to prospectuses filed with the U.S. Securities and Exchange Commission on the EDGAR website, and subsequently stores them in its electronic repository for use by brokerage houses. On average, NewRiver handles approximately 1,000 prospectus updates every night.
NewRiver has recently launched a lawsuit against a research firm, Morningstar Inc., for allegedly gaining unauthorized access to its online warehouse of updated prospectuses. NewRiver accuses Morningstar of using a “screen scraping” technology and copying thousands of documents. A representative for Morningstar denies the use of NewRiver’s technology data or information to create or market its product.
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