SHAREHOLDER ALERT - Bronstein, Gewirtz & Grossman, LLC Reminds Investors of Class Action Against Overstock.com, Inc. (OSTK) and Lead Plaintiff Deadline - May 29, 2018

NEW YORK, May 02, 2018 -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed Overstock.com, Inc. (“Overstock” or the “Company”) (NASDAQ:OSTK) and certain of its officers, on behalf of shareholders who purchased Overstock securities between August 3, 2017 and March 26, 2018, inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: http://www.bgandg.com/ostk. 

This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws. 

The complaint alleges that throughout the Class Period, defendants made materially false and 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 revealed that the Securities and Exchange Commission (“SEC”) had requested information about its initial coin offering. Following this news, Overstock stock dropped 4.4% to $57.75 per share.

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. It was also revealed that Medici had lost $22 million in 2017, despite the fact that Bitcoin prices increased by 1,375% during that time. Following this news, Overstock stock dropped 5.1% to close at $45.70. Then on March 26, 2018, Overstock revealed that it planned to offer 4,000,000 common stock shares in an underwritten public offering. Following this announcement, the stock dropped about 15%. 

A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: http://www.bgandg.com/ostk or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Overstock you have until May 29, 2018 to request that the Court appoint you as lead plaintiff.  Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique.  Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients.  In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration.   Attorney advertising. Prior results do not guarantee similar outcomes.

Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]