Lead Plaintiff Deadline Is November 26, 2019
NEW YORK, Oct. 02, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal class action securities lawsuit has been filed in the United States District Court for the District of Utah on behalf of shareholders of Overstock.com, Inc. ("Overstock" or the "Company") (OSTK) who purchased shares between May 9, 2019, and September 23, 2019, inclusive (the "Class Period").
Investors who purchased shares of Overstock.com, Inc. are urged to contact the firm immediately at firstname.lastname@example.org or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have incurred losses in the shares of Overstock.com, Inc., you may, no later than November 26, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Overstock.com, Inc.
The filed complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies.
Specifically, Defendants made false and/or misleading statements and/or failed to disclose:
- that the Defendants had engineered the tZERO offering as revenge upon short sellers and tried to create a short squeeze by offering a digital token dividend that would not be registered and could not be resold for at least 6 months;
- that there were substantial risks to this plan;
- and that Overstock's incredibly high Directors & Officers insurance rates and other problems were causing the Company to miss earnings projections for the year
On September 23, 2019, the Company 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 guidance that Overstock had recently provided and which was critical to support the launch of its tZERO service.
Following this news, the price of Overstock shares fell from $14.97 per share on September 20, 2019, the trading day prior to September 23, 2019, to close at $11.19 per share, a one day decline of 25%.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at email@example.com, or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: firstname.lastname@example.org, email@example.com or firstname.lastname@example.org
Tel: (800) 575-0735 or (212) 545-4774
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