STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the District of Utah on behalf of purchasers of Overstock.com, Inc. (Nasdaq: OSTK) (“Overstock” or the “Company”) securities during the period between August 3, 2017 and March 26, 2018, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until May 29, 2018 to seek appointment as lead plaintiff.
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 Overstock securities during the Class Period. 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.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that Overstock’s coin offering was highly problematic and potentially illegal, and the Company’s Medici Ventures (“Medici”) business was hemorrhaging money.
According to the complaint, following a March 1, 2018 announcement that the Securities and Exchange Commission (“SEC”) had requested information about its initial coin offering, a March 15, 2018 announcement that the SEC’s investigation could result in a delay of the tZero security token offering, that the SEC was conducting an examination of advisers at tZero, and that the Company’s Medici unit had lost $22 million for 2017, and a March 26, 2018 announcement that the Company planned to offer 4 million common stock shares in a public offering, the value of Overstock shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Overstock securities purchased on or after August 3, 2017 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please contact Brower Piven either by email at email@example.com or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.