NEW YORK–(BUSINESS WIRE)–Zamansky LLC announces that it is investigating Overstock.com Inc. (OSTK) (“Overstock” or the “Company”) for potential breaches of fiduciary duties by Overstock’s senior officers and board of directors. If you are a shareholder of Overstock who still holds your shares, please contact our firm for information.
As Seeking Alpha wrote on September 10, 2019, investors have been speculating that the resignation of Overstock’s CEO Patrick Byrne in August 2019 may “indicate that a serious SEC enforcement action could be forthcoming.” The precise details of the SEC investigation have not been revealed, but shareholders can independently investigate the matter to protect their rights. After Overstock repeatedly hyped its blockchain business for years, investors have been harmed as that business is reportedly “hemorrhaging money.” Investors have cause for concern because in recent days, Overstock’s current interim CEO Jonathan Johnson announced that the Company has “spent a king’s ransom” to process the SEC’s requests for information, and former CEO Patrick Byrne announced that he completely “sold all of his 10-plus percent stake in Overstock.”
According to Jake Zamansky, investment fraud attorney, Overstock’s officers and directors owe the Company and its shareholders fiduciary duties. “The recent announcements regarding SEC investigations and other related issues raise potential concern for investors,” Zamansky says. “Our law firm is investigating whether the officers and directors have breached their duties to Overstock and its shareholders.”
What Overstock Shareholders Can Do
If you are a current shareholder of Overstock who still holds your stock, please contact us to review or discuss your legal rights. You may, without obligation or cost to you, email [email protected] or call the law firm at (212) 742-1414.
About Zamansky LLC
Zamansky LLC is a leading investment fraud law firm with experience handling securities, hedge fund, ERISA and other shareholder class action and derivative litigation. We are investment fraud attorneys who represent both individual and institutional investors. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover investment losses.
To learn more about Zamansky LLC, please visit our website, http://www.zamansky.com.
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Jake Zamansky, 212-742-1414