Seriously, Overstock.com (OSTK) has to provide more entertainment value per dollar of market cap than any company in America.

Consider yesterday’s developments at the online retailer. The company disclosed in both a press release and an 8-K filing with the SEC that it has fired Grant Thornton as its auditor. Grant Thornton had become the company’s auditor in March, replacing Price Waterhouse.

Overstock lays out the situation in a classically loopy press release that leads with a quote from Friedrich Nietzsche: “all things are subject to interpretation; whichever interpretation prevails at a given time is a function of power and not truth.”

Overstock says that in February, it “was notified” that it had overpaid a fulfillment partner by about $700,000, but that the same partner asserted that OSTK might owe it more than $400,000.

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Stifel Nicolaus analyst Scott Devitt this morning cut his rating on Overstock.com (OSTK) to Sell from Hold. He notes that the company, which reported second-quarter financial results this morning, trades for 21×2009 EBITA, “the highest multiple in the sector.”

Devitt says the company has had two consecutive quarters of mid-20 percent growth, but that it has had “fairly easy comps,” and that growth could drop into the low-to-mid teens by 2009. “Investors believe that Overstock is doing well for the same reasons TJ Maxx is doing well, but Overstock transitioned away from the excess market two years ago and sells more traditional retail merchandise in its current form,” he writes.

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