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Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., have filed a class action lawsuit in the United States District Court for the District of Utah on behalf of purchasers of securities of Overstock.com, Inc. (NasdaqGS: OSTK).
Overstock is an online retailer of furniture, home décor and other products that recently shifted its focus to include the development and commercialization of the financial applications of blockchain cryptocurrency technologies through its tZERO platform.
On September 23, 2019, following many months of media reports on the bizarre behavior of founder Patrick Byrne, who resigned as CEO in August 2019 and subsequently sold over $91.98 million of stock in the Company in a three-day sales binge, the Company belatedly disclosed the sudden and unexpected departure of CFO Iverson the week prior, and that the Company would lower guidance to break even EBITDA for the year, eliminating the projected $17.5 million that Overstock had recently provided and which was critical to support the launch of its tZERO service.
Following this news, the price of Overstock shares fell from just below $15.00 per share on September 20, 2019, the trading day prior to September 23, 2019, to as low as $11.05 per share, before closing at $11.19 per share, a one day decline of almost 50%.
If you purchased securities of Overstock and would like to discuss your legal rights you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (firstname.lastname@example.org), or fill out the form on this page.Click here to read the case complaint.