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Zhang Investor Law announces the filing of a class action lawsuit on behalf of shareholders who bought shares of Overstock.com, Inc. (NASDAQ: OSTK) from May 9, 2019 through September 23, 2019 (the “Class Period”). The lawsuit seeks to recover damages for Overstock.com, Inc. investors under the federal securities laws.
If you bought Overstock,com, Inc. securities between May 9, 2019 through September 23, 2019, and would like to join the action, please click “Join This Class Action,” above.
SHAREHOLDER ALERT: Zhang Investor Law Announces the Filing of a Securities Class Action Lawsuit Against Overstock.Com, Inc. – OSTK
New York, N.Y., October 2, 2019. Zhang Investor Law announces the filing of a class action lawsuit on behalf of shareholders who bought shares of Overstock,com, Inc. (NASDAQ: OSTK) between May 9, 2019 and September 23, 2019, inclusive (the “Class Period”).
To join the OSTK class action, go to http://zhanginvestorlaw.com/cases/overstockcom-inc/ call Sophie Zhang, Esq. toll-free at 800-991-3756 or email email@example.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT.
According to the lawsuit, throughout the Class Period (1) it was not true that Overstock would be able to support the launch of its tZERO crypto currency with earnings or cash flow from its Retail operations and that whatever marginal improvements defendants had made by cutting costs and engineering earnings, could not be sustained so as to generate positive EBITDA or cash from operations necessary to support its crypto currency operations; (2) the extreme additional risks and the substantial volatility in the price of Company shares was foreseeable, given defendants’ undisclosed plan to offer its tZERO Preferred Share Dividend as a means to squeeze short sellers out of Overstock, and to prevent them from holding legitimate positions in the Company; (3) the Company’s ability to accomplish its intended short squeeze would embolden the SEC or even market participants, such as major brokerage houses, to act to prevent this market manipulation; and (4) it was also not true that Overstock contained adequate systems of internal operational or financial controls, such that Overstock’s quarterly reports filed with the SEC were true, accurate or reliable; (5) as a result of the foregoing it was not true that the Company’s quarterly reports filed with the SEC were prepared in accordance with GAAP ad SEC rules; (6) defendants lacked any reasonable basis to claim that Overstock was operating according to plan, or that Overstock could achieve guidance sponsored and/or endorsed by defendants; and (7) as a result, Overstock’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 26, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://zhanginvestorlaw.com/cases/overstockcom-inc/ or to discuss your rights or interests regarding this class action, please contact Sophie Zhang, Esq. of Zhang Investor Law toll free at 800-991-3756 or via e-mail at firstname.lastname@example.org.
Zhang Investor Law represents investors worldwide.