Utah District Court Again Rules in Favor of Overstock.com in Securities Class Action Lawsuit
September 21 2021 - 8:30AM
On September 20, 2021, the United States District Court for the
District of Utah ruled in favor of Overstock.com, Inc.
(NASDAQ:OSTK), a leading e-commerce home furnishings retailer. In a
32 page memorandum decision and order, the District Court dismissed
with prejudice the securities class action lawsuit filed by
Mangrove Partners Fund, LTD, against Overstock and the named
individual defendants. On September 28, 2020, the District Court
granted Overstock’s Motion to Dismiss the plaintiffs’ first
complaint. The District Court subsequently allowed the plaintiffs
to file a second complaint. Overstock argued that the second
complaint should be dismissed in its entirety. The District Court
agreed.
“It is gratifying that the Utah District Court agreed with our
arguments and again dismissed the complaint,” said Overstock Chief
Executive Officer, Jonathan Johnson. “I thank the lawyers who
represented Overstock so well in this matter.”
Overstock is represented by John C. Dwyer, Jessica Valenzuela
Santamaria, and Jeff Lombard of Cooley LLP and Erik A. Christiansen
of Parsons Behle & Latimer.
About OverstockOverstock.com, Inc (Common
Stock (NASDAQ:OSTK) / Series A-1 Preferred Stock (tZERO ATS:OSTKO)
/ Series B Preferred Stock (OTCQX:OSTBP)) is an online
retailer and technology company based in Salt Lake City, Utah.
Its leading e-commerce website sells a broad range of new home
products at low prices, including furniture, décor, rugs, bedding,
home improvement, and more. The online shopping site, which is
visited by tens of millions of customers a month, also features a
marketplace providing customers access to millions of products from
third-party sellers. In 2014, Overstock was the first major
retailer to accept cryptocurrency as a form of payment and
continues to do so. Overstock regularly posts information about the
Company and other related matters on
the Newsroom and Investor Relations pages on
its website, Overstock.com.
O, Overstock.com, O.com, Club O, and Worldstock are registered
trademarks of Overstock.com, Inc. Other service marks, trademarks
and trade names which may be referred to herein are the property of
their respective owners.
Cautionary Note Regarding Forward-Looking
StatementsThis press release contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Such forward-looking statements include all statements
other than statements of historical fact, including but not limited
to statements regarding this class action lawsuit. Additional
information regarding factors that could materially affect results
and the accuracy of the forward-looking statements contained herein
may be found in the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2020, which was filed with the SEC
on February 26, 2021, our Form 10-Q for the quarter ended March 31,
2021, which was filed with the SEC on May 6, 2021, our Form 10-Q
for the quarter ended June 30, 2021, which was filed with the SEC
on August 5, 2021, and in our subsequent filings with the SEC.
Contacts Investor
Relations: ir@overstock.com |
Media Relations:pr@overstock.com |
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