|Company name||Overstock.com, Inc.|
|Status||Class Action Complaint Filed|
NEW YORK, November 13, 2019 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the District of Utah on behalf of all investors that purchased Overstock.com, Inc. (NYSE: OSTK) securities between May 9, 2019 and September 23, 2019 (the “Class Period”). Investors have until November 26, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The complaint, filed on September 27, 2019, alleges that on September 23, 2019, following months of media reports on the erratic behavior of founder Patrick Byrne, who resigned as CEO in August 2019 and subsequently sold over $91.98 million worth of company stock within a three day period, the company later disclosed the sudden and unexpected departure of CFO Gregory Iverson the week prior, and that the company would lower guidance to break even EBITDA for the year, eliminating the projected $17.5 million that Overstock had recently provided and which was critical to support the launch of its tZERO service.
On this news, the price of Overstock shares fell from a closing price of $14.97 per share on September 20, 2019, the trading day prior to September 23, 2019, to close at $11.19 per share on September 23, 2019.
If you purchased Overstock shares during the class period, are a long-term stockholder, have information, 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 Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.