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Overstock.com Inc (NASDAQ: OSTK) Investor Securities Class Action Lawsuit 03/29/2018

  • If you purchased shares of Overstock.com Inc (NASDAQ: OSTK), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Overstock.com
Security
NASDAQ: OSTK

Case Name
Overstock.com Shareholder Class Action Lawsuit 03/29/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Utah

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

August 7, 2018 - The lead plaintiff filed a notice of voluntary dismissal without prejudice.

June 20, 2018 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

May 29, 2018 - Lead plaintiff motions were filed.

March 29, 2018 - An investor in shares of Overstock.com Inc (NASDAQ: OSTK) filed a lawsuit in the U.S. District Court for the District of Utah over alleged violations of Federal Securities Laws by Overstock.com Inc in connection with certain allegedly false and misleading statements made between August 3, 2017 and March 26, 2018.

Midvale, UT based Overstock.com Inc is an online retailer and incubator of blockchain technology. Overstock.com Inc reported that its annual Total Revenue rose from over $1.65 billion in 2015 to over $1.79 billion in 2016 and that its Net Income increased from $2.45 million in 2015 to $12.52 million in 2016. On December 18, 2017, Overstock.com Inc announced that its Medici Ventures (“Medici”) business and tZERO trading system was engaging in a $250 million coin offering.

Shares of Overstock.com Inc (NASDAQ: OSTK) grew from $10.57 per share in early 2016 to as high as $86.90 per share in January 2018.

On March 1, 2018, Overstock.com Inc announced that the Securities and Exchange Commission (“SEC”) is investigating the Company’s blockchain platform, tZERO.

On March 15, 2018, Overstock.com Inc stated that “the investigation could result in a delay of the tZero security token offering, negative publicity for tZero or us, and may have a material adverse effect on us or on the current and future business ventures of tZero.” Overstock.com Inc also disclosed that the SEC was conducting an examination of advisers at tZERO. Further, it was revealed that Medici had lost $22 million for 2017, despite the fact that Bitcoin prices increased by 1,375% during that time.

According to the complaint the plaintiff alleges on behalf of purchasers of Overstock.com Inc (NASDAQ: OSTK) common shares between August 3, 2017 and March 26, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between August 3, 2017 and March 26, 2018, the defendants made false and/or misleading statements and/or failed to disclose that Overstock.com Inc’s coin offering was highly problematic and potentially illegal, and that the Company’s Medici business was hemorrhaging money.