BENSALEM, Pa.–(BUSINESS WIRE)–$OSTK–Law Offices of Howard G. Smith announces an investigation on behalf of Overstock.com, Inc. (“Overstock” or the “Company”) (NASDAQ: OSTK) investors concerning the Company and its officers’ possible violations of federal securities laws.
On August 12, 2019, Overstock’s Chief Executive Officer (“CEO”) Patrick M. Byrne caused the Company to publish a press release entitled “Overstock.com CEO Comments on Deep State, Withholds Further Comment.” The press release contained, among other things, references to “political espionage conducted against Hillary Clinton and Donald Trump (and to a lesser degree, Marco Rubio and Ted Cruz)” and references to “the Men in Black.”
Following this abnormal press release, the Company’s stock price fell $9.00 per share, or nearly 36%, over two consecutive trading sessions, to close at $15.97 per share on August 14, 2019, thereby injuring investors.
Then, on September 16, 2019, Bloomberg reported that the tZERO crypto currency project, which had been initiated by Byrne before he left the Company, was specifically designed to deter short sellers by impeding their ability to transfer the dividends.
On this news, the Company’s stock price fell $7.33 per share, or over 29%, over two consecutive trading sessions, to close at $17.60 on September 17, 2019, thereby injuring investors further.
Finally, on September 22, 2019, media reported that Byrne had sold his entire stake in the Company due to regulatory scrutiny of the tZERO project.
On this news, the Company’s stock price fell $3.78 per share, or over 25%, to close at $11.19 per share on September 23, 2019, thereby injuring investors further.
If you purchased Overstock securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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