Shareholder Alert: Robbins LLP Reminds Investors, Inc. (OSTK) Sued for Misleading Shareholders

Date : 11/26/2019 @ 7:16PM
Source : Business Wire
Stock : Overstock com Inc (OSTK)
Quote : 9.26  0.11 (1.20%) @ 5:00AM

Shareholder Alert: Robbins LLP Reminds Investors, Inc. (OSTK) Sued for Misleading Shareholders

Overstock com (NASDAQ:OSTK)
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Shareholder rights law firm Robbins LLP reminds investors that a purchaser of, Inc. (NASDAQ: OSTK) filed a class action complaint for alleged violations of the Securities Exchange Act of 1934 between May 9, 2019 and November 11, 2019. operates as an online retailer in the United States and Internationally.

If you suffered a loss as a result of Overstock's misconduct, click here., 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 cryptocurrency 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 cryptocurrency 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, thwarting any short selling. Before the market learned of Overstock's scheme, its CEO liquidated over $102 million of his own Overstock shares. Finally, on September 22, 2019, investors learned the SEC would not allow Overstock to issue locked-up crypto dividends and that the Company was lowering guidance to break-even EBITDA for the year. Following this news, Overstock shares experienced the largest stock drop in the Company's history. Shares of currently trade at around $7.80, a decline of 71% from the class period high of $26.89., Inc. (OSTK) Shareholders Have Legal Options

Contact us to learn more: Leo Kandinov (800) 350-6003 Shareholder Information Form

Robbins LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.

Attorney Advertising. Past results do not guarantee a similar outcome.

Leo Kandinov Robbins LLP 5040 Shoreham Place San Diego, CA 92122 (619) 525-3990 or Toll Free (800) 350-6003

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