HENDERSONVILLE, TN / ACCESSWIRE / October 18, 2019 / The Law Offices of Timothy L. Miles, who has been leading the fight to protect shareholder rights for over 18 years, announces that purchasers of Overstock.com, Inc. (OSTK) shares filed a class action complaint against the company for alleged violations of the Securities Exchange Act of 1934 between May 9, 2019 to September 23, 2019. Overstock operates as an online retailer in the United States and internationally. The Company operates through Retail and tZERO segments.
Overstock.com, Inc. (OSTK) Accused of Misleading Shareholders
According to the complaint, in May 2019, Overstock touted a return to profitability after an extended period of losing money and raised its year-end guidance by 50%. Meanwhile, Overstock launched its crypto currency project tZERO, which cost shareholders $100 million. Throughout the relevant period, Overstock issued a series of press releases and statements that promoted its transition to the crypto currency exchange service provider and the benefits it would provide investors. However, Overstock failed to disclose that tZERO had actually been designed to create a short squeeze by offering a digital token dividend that would not be registered and could not be resold for at least six months. Before the market learned of Overstock's scheme, its CEO liquidated over $102 million of his own Overstock shares. Finally, on September 23, 2019, investors learned the SEC would not allow Overstock to issue locked-up crypto dividends and that the Company was unable to reach its guidance for fiscal year 2019. By the end of the class period, shares of Overstock.com were trading as low as $10.70, a decline of 60% from the class period high of $26.89.
Overstock Shareholders Urged to Contact the Firm
If you purchased Overstock securities, have information, or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Timothy L. Miles, Esquire, at 615-587-738, Toll-Free at 855-846-6529, or by email to firstname.lastname@example.org. If you inquire by email please include your mailing address, telephone number, and the number shares owned.
About Timothy L. Miles
Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles was recently selected as a 2019 Elite Lawyer of The South by Martindale-Hubbell® and ALM and maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019). Awards: 2019 Elite Lawyer of The South by Martindale-Hubbell® and ALM (2019); Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2019); AV® Preeminent™ Rating by Martindale-Hubble® (2014-2019); PRR AV Preeminent Rating on Lawyers.com (2017 & 2019); The Top-Rated Lawyer in Litigation™ for Ethical Standards and Legal Ability (Martindale-Hubble® 2015); Distinguished Lawyer, Recognizing Excellence in Securities Law, Lawyers of Distinction (2019); Superb Rated Attorney (Avvo); Avvo Top Rated Lawyer for 2017 & 2018 (Avvo).
SOURCE: The Law Offices of Timothy L. Miles
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