Delaware Supreme Court Rules in Favor of Overstock in Gift Card Case Appeal
July 08 2020 - 8:30AM
The Delaware Supreme Court recently ruled in favor of
Overstock.com, Inc. (NASDAQ:OSTK) in its gift card escheatment
appeal. The 5-0 decision by the Delaware Supreme Court reverses the
lower Delaware Superior Court’s judgment for $8.6 million against
Overstock.
The lower court had held a jury trial regarding
whether Overstock had concealed abandoned gift card balances and
entered judgment against Overstock in October 2019. The Delaware
Supreme Court’s decision reverses that $8.6 million judgment.
"We have great respect for the state of Delaware
and its trial and appellate courts," said Overstock Vice President
and General Counsel E. Glen Nickle. “We are pleased the Delaware
Supreme Court accepted our arguments.”
Overstock is represented by Michael P. Kelly,
Matthew J. Rifino, Hayley J. Reese and Matthew Wright of McCarter
& English LLP.
About OverstockOverstock.com,
Inc Common Shares (NASDAQ:OSTK) / Digital Voting Series A-1
Preferred Stock (Medici Ventures’ tZERO platform:OSTKO) / Series B
Preferred (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. Overstock was the first major retailer to accept
cryptocurrency in 2014, and in the same year founded Medici
Ventures, its wholly owned subsidiary dedicated to the development
and acceleration of blockchain technologies to democratize capital,
eliminate middlemen, and re-humanize commerce. 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, Main Street
Revolution, 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.
This 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 litigation and escheatment status.
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, 2019,
which was filed with the SEC on March 13, 2020, in our Form 10-Q
for the quarter ended March 31, 2020, which was filed with the SEC
on May 7, 2020, and in our subsequent filings with the SEC.
SOURCE: Overstock.com, Inc.
Contacts Investor Relations:Alexis
Callahan801-947-5126ir@overstock.com |
Media:Overstock Media Relations801-947-3564pr@overstock.com |
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