Lawsuit for Investors in shares of Overstock.com, Inc. (NASDAQ: OSTK) announced by Shareholders Foundation

SAN DIEGO, CA / ACCESSWIRE / September 30, 2019 / The Shareholders Foundation, Inc. announces that a lawsuit was filed for certain investors in Overstock.com, Inc. (NASDAQ:OSTK) shares.

Investors, who purchased shares of Overstock.com, Inc. (NASDAQ:OSTK), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.

On September 23, 2019, following many months of media reports on the bizarre behavior of founder Patrick Byrne, who resigned as CEO in August 2019 and subsequently sold over $91.98 million of stock in Overstock.com, Inc. in a three-day sales binge, Overstock.com, Inc. disclosed the sudden and unexpected departure of CFO Iverson the week prior, and that Overstock.com, Inc. would lower guidance to break even EBITDA for the year, eliminating the projected $17.5 million that Overstock.com, Inc. had recently provided and which was critical to support the launch of its tZERO service.

The plaintiff alleges that the defendants issued a series of press releases and made statements in SEC filings and during Conference Calls for analysts and investors that promoted the Company's transition to crypto currency exchange service provider, and extolled the benefits that this would purport to provide to investors, and that what defendants did not disclose, however, were the extreme risks and foreseeable volatility that was likely to result if and when defendants' true intentions behind the tZERO Dividend Offering were ever discovered.

The plaintiff claims that the defendants were motivated to and did conceal the true operational and financial condition of Overstock.com, Inc, and materially misrepresented and failed to disclose the conditions that were adversely affecting the Company between May 9, 2019, and September 23, 2019, because it enabled them to deceive the investing public regarding Overstock's business, operations, management and the intrinsic value of Overstock common stock, because it enabled defendants to artificially inflate the price of Overstock common stock, because it enabled Patrick Byrne to sell over $100 million of his privately held Overstock shares while in possession of material adverse non-public information about the Company, because it enabled defendants to sell additional shares of Overstock in the market to create a cash fund necessary to support its crypto projects (in the face of them being abandoned by investment partners), and because it caused Plaintiff and other investors to purchase Overstock common stock between May 9, 2019, and September 23, 2019, at artificially inflated prices.

Those who purchased Overstock.com, Inc. (NASDAQ:OSTK) shares should contact the Shareholders Foundation, Inc.

CONTACT:

Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is only provided as a public service. It is not intended as legal advice and should not be relied upon.

SOURCE: Shareholders Foundation, Inc.

ReleaseID: 561417