BOSTON, Oct. 09, 2019 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, informs investors that it has filed a class action lawsuit against Overstock.com, Inc. (OSTK), its founder, and certain of its officers, alleging violations of the federal securities laws. Class members interested in serving as lead plaintiff are required to move for appointment by November 26, 2019, and are encouraged to contact Block & Leviton LLP to learn more.
The Complaint, which was filed in the U.S. District Court of Utah, and captioned Chambers v. Overstock.com Inc., et. al., 2:19-cv-00741 (D. Utah), alleges that throughout the Class Period, Defendants made materially false and misleading statements, and failed to disclose material adverse facts about the Company’s business, operations and prospects. Among other things, it is alleged that the Defendants failed to disclose that the Company’s transition to a crypto currency exchange provider and the related tZERO offering of a crypto dividend was designed to artificially inflate the price of Overstock’s common stock by creating a “short squeeze.”
In addition, the Complaint alleges that the Company’s founder, Patrick M. Byrne, violated the federal securities laws by selling over $90 million of his privately held Overstock shares while in possession of material non-public information. Specifically, the Complaint alleges that Byrne intentionally liquidated his holdings just prior to announcements of the Company’s disappointing financial performance and an imminent SEC investigation. By timing his trades in this manner, Byrne allegedly made millions of dollars by dumping his shares on unsuspecting investors.
If you have purchased or otherwise acquired Overstock securities between May 9, 2019 and September 23, 2019 of this year, and have questions about your legal rights, or possess information relevant to this matter, you are encouraged to contact attorney Mark Delaney at (617) 398-5600, by email at firstname.lastname@example.org, or by visiting https://shareholder.law/ostk.
Block & Leviton LLP was recently ranked 4th among securities litigation firms by ISS for recoveries in 2017. The firm represents many of the nation's largest institutional investors and numerous individual investors in securities litigation throughout the country. Indeed, its lawyers have recovered billions of dollars for its clients.
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