NEW YORK, Oct. 1, 2019 /PRNewswire/ -- Bernstein Liebhard
LLP, a nationally acclaimed investor rights law firm, announces
that a securities class action lawsuit has been filed on behalf of
shareholders of Overstock.com, Inc. ("Overstock" or the
"Company") (NASDAQ: OSTK) between May 9,
2019, and September 23, 2019,
inclusive (the "Class Period"). The lawsuit filed in the United States District Court for the
District of Utah seeks to recover
damages for Overstock investors under the Securities Exchange Act
of 1934.
If you purchased Overstock securities, and/or would like to
discuss your legal rights and options please visit Overstock
Shareholder Class Action or contact Matthew E. Guarnero toll free at (877)
779-1414 or MGuarnero@bernlieb.com.
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. Your ability to share in
any recovery doesn't require that you serve as lead plaintiff. If
you choose to take no action, you may remain an absent class
member.
The 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: (i) 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; and (ii) that there were substantial risks to
this plan; (iii) 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
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 purchased Overstock securities, and/or would like to
discuss your legal rights and options please visit
https://www.bernlieb.com/cases/overstockincorporated-ostk-shareholder-class-action-lawsuit-stock-fraud-191/apply/
or contact Matthew E. Guarnero
toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over
$3.5 billion for its clients. In
addition to representing individual investors, the Firm has been
retained by some of the largest public and private pension funds in
the country to monitor their assets and pursue litigation on their
behalf. As a result of its success litigating hundreds of lawsuits
and class actions, the Firm has been named to The National Law
Journal's "Plaintiffs' Hot List" thirteen times and listed in The
Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
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SOURCE Bernstein Liebhard LLP