NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), a national securities and consumer rights litigation firm, reminds investors that it filed a class action lawsuit against Overstock.com, Inc. (“Overstock” or the “Company”) (NASDAQ: OSTK) and certain of its executives (collectively, “Defendants”). The lawsuit was filed on behalf of investors who purchased or otherwise acquired Overstock common stock between August 3, 2017 and March 26, 2018, inclusive. The lead plaintiff deadline is May 29, 2018.
The lawsuit alleges that Defendants violated federal securities laws by issuing false and misleading statements to investors, including in filings with the U.S. Securities and Exchange Commission (“SEC”). Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Overstock’s coin offering was highly problematic and potentially illegal; and (2) the Company’s Medici business was hemorrhaging money.
On March 1, 2018, Overstock announced that the SEC had requested information about its initial coin offering, and the Company’s stock fell 4.4% on that news.
Then, on March 15, 2018, the Company stated 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 disclosed that the SEC was examining tZERO’s advisers. Further, it was revealed that Medici had lost $22 million in 2017, despite the fact that Bitcoin prices increased by 1,375% during that time. On this news, the Company’s stock fell 5.1%.
On March 26, 2018, Overstock announced that it planned to offer 4,000,000 common stock shares in an underwritten public offering. On this news, the Company’s stock fell approximately 15%.
If you purchased or acquired Overstock common stock between August 3, 2017 and March 26, 2018 and wish to discuss this action, please contact attorney Joe Pettigrew of Scott+Scott at (844) 818-6982, or via email at email@example.com. The lead plaintiff deadline in the lawsuit is May 29, 2018.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.