Utah District Court Rules in Favor of Overstock in Class Action Securities Case
29 September 2020 - 8:30PM
Overstock.com, Inc. (NASDAQ:OSTK) announced today that the United
States District Court for the District of Utah ruled in favor of
Overstock in a 27-page memorandum decision and order dismissing the
securities class action case filed against the company, Patrick
Byrne, Greg Iverson, and Dave Nielsen in September 2019. Overstock
and other defendants filed motions to dismiss with the district
court and argued that the complaint filed against them by the
Mangrove Partners Fund, LTD, should be dismissed in its entirety.
The district court agreed.
"We have great respect for the United States district and
appellate courts and are pleased the Utah District Court accepted
our arguments," said Overstock Vice President and General Counsel,
E. Glen Nickle.
Overstock is represented by John C. Dwyer, Jessica Valenzuela
Santamaria, and Jeff Lombard of Cooley LLP, and Erik A.
Christiansen of Parsons Behle & Latimer.
About OverstockOverstock.com, Inc Common
Stock (NASDAQ:OSTK) / Series A-1 Preferred Stock (tZERO ATS:OSTKO)
/ Series B Preferred Stock (OTCQX:OSTBP) is an online retailer
and technology company based in Salt Lake City, Utah. Its
leading e-commerce website sells a broad range of new home products
at low prices, including furniture, décor, rugs, bedding, home
improvement, and more. The online shopping site, which is visited
by tens of millions of customers a month, also features a
marketplace providing customers access to millions of products from
third-party sellers. Overstock was the first major retailer to
accept cryptocurrency in 2014, and in the same year
founded Medici Ventures, its wholly owned subsidiary dedicated
to the development and acceleration of blockchain technologies to
democratize capital, eliminate middlemen, and re-humanize commerce.
Overstock regularly posts information about the Company and other
related matters on the Newsroom and Investor
Relations pages on its website, Overstock.com.
O, Overstock.com, O.com, Club O, Main Street
Revolution, and Worldstock are registered
trademarks of Overstock.com, Inc. Other service
marks, trademarks and trade names which may be referred to
herein are the property of their respective owners.
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Such
forward-looking statements include all statements other than
statements of historical fact, including but not limited to
statements regarding the securities class action case against
Overstock. Additional information regarding factors that could
materially affect results and the accuracy of the forward-looking
statements contained herein may be found in the Company's Annual
Report on Form 10-K for the fiscal year ended December 31, 2019,
which was filed with the SEC on March 13, 2020, in our Form 10-Q
for the quarter ended March 31, 2020, which was filed with the SEC
on May 7, 2020, in our Form 10-Q for the quarter ended June 30,
2020, which was filed with the SEC on August 6, 2020, and in our
subsequent filings with the SEC.
SOURCE: Overstock.com, Inc.
ContactsInvestor Relations:Alexis
Callahan801-947-5126ir@overstock.com |
Media:Overstock Media Relations801-947-3564pr@overstock.com |
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