Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the District of Utah on behalf of shareholders of Overstock.com, Inc. who purchased shares between May 9, 2019 and November 11, 2019.
Overstock is an online retailer of furniture, home décor and other products that recently shifted its focus to include the development and commercialization of the financial applications of blockchain cryptocurrency technologies through its tZERO platform.
On September 23, 2019, following many months of media reports on the bizarre behavior of founder Patrick Byrne, who resigned as CEO in August 2019 and subsequently sold over $91.98 million of stock in the Company in a three-day sales binge, the Company belatedly disclosed the sudden and unexpected departure of CFO Iverson the week prior, and that the Company would lower guidance to break even EBITDA for the year, eliminating the projected $17.5 million 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 just below $15.00 per share on September 20, 2019, the trading day prior to September 23, 2019, to as low as $11.05 per share, before closing at $11.19 per share, a one day decline of almost 50%.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until November 26, 2019 to request that the court appoint them lead plaintiff.