NEW YORK--(BUSINESS WIRE)--The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Overstock.com, Inc. (NASDAQ: OSTK) who purchased shares between August 3, 2017 and March 26, 2018. The action, which was filed in the United States District Court for the District of Utah, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose that (1) Overstock's coin offering was problematic and potentially illegal; and (2) the company's Medici business was hemorrhaging money. When the true details entered the market, the lawsuit claims that investors suffered damages.
On March 1, 2018, Overstock revealed that the Securities and Exchange Commission ("SEC") had requested information about its initial coin offering. Then, on March 15, 2018, Overstock announced that "the investigation could result in a delay of the tZero security token offering, negative publicity for tZero or us, and may have a material adverse effect on us or on the current and future business ventures of tZero." Overstock also said that the SEC was examining the advisers at tZero.
Shareholders have until May 29, 2018 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
If you suffered a loss during the class period and wish to obtain additional information, please contact Joseph Klein, Esq. by telephone at 212-616-4899 or visit http://www.kleinstocklaw.com/pslra-c/overstock-com-inc?wire=2.
Joseph Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.