Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the District of Utah on behalf of all investors that purchased Overstock.com, Inc. (NASDAQ: OSTK) securities between May 9, 2019 and September 23, 2019 (the Class Period). Investors have until November 26, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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The complaint, filed on September 27, 2019, alleges that on September 23, 2019, following months of media reports on the erratic behavior of founder Patrick Byrne, who resigned as CEO in August 2019 and subsequently sold over $91.98 million worth of company stock within a three day period, the company later disclosed the sudden and unexpected departure of CFO Gregory 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.
On this news, the price of Overstock shares fell from a closing price of $14.97 per share on September 20, 2019, the trading day prior to September 23, 2019, to close at $11.19 per share on September 23, 2019.
If you purchased Overstock securities during the Class Period or continue to hold shares purchased before the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Overstock lawsuit, please go to https://bespc.com/ostk. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.