NEW YORK, Nov. 14, 2019 (GLOBE NEWSWIRE) -- Pawar Law Group announces that a class action lawsuit on behalf of shareholders who purchased shares of Overstock.com, Inc. (OSTK) from May 9, 2019 through September 23, 2019, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Overstock.com, Inc. investors under the federal securities laws.
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.
To express an interest in the class action, go to http://pawarlawgroup.com/cases/overstock-com-inc/ or call Vik Pawar, Esq. toll-free at 888-589-9804 or email email@example.com for information on the class action.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (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.
No class has been certified. Until a class is certified, you are not represented by counsel unless you hire one. You may hire counsel of your choice. You may also do nothing at this time and be an absent member of the class. Your ability to share in any future recovery is not dependent upon being a lead plaintiff. Attorney advertising.
Pawar Law Group represents investors from around the world.
Vik Pawar, Esq.
Pawar Law Group
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New York, NY 10007
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