An Overstock class action lawsuit has been filed on behalf of individuals who invested in the online retailer after it allegedly made false and misleading statements, violating federal laws. If you invested in Overstock.com Inc. between August 3, 2017 and March 26, 2018, or if you purchased shares before August 2017, you may be able to pursue a claim with the help of a securities fraud attorney.
For more information, contact Attorney Group today. Our consultations are free, confidential and without any obligation on your part. We can help answer your questions, and if you choose to pursue a claim we can connect you with an affiliated securities fraud attorney who can assist you throughout the legal process.
Overstock Allegedly Did Not Disclose Information Regarding Its Blockchain Platform, tZero
According to a class action complaint filed on March 29, 2018, Overstock.com Inc. allegedly violated federal securities laws when the company made false and misleading statements between August 3, 2017 and March 26, 2018. On December 18, 2017, Overstock announced that its Medici Ventures business and tZERO trading system was engaging in a $250 million coin offering. Shares of Overstock.com Inc. grew from $10.57 per share in early 2016 to as high as $86.90 per share in January 2018.
On March 1, 2018, Overstock.com Inc. announced that the Securities and Exchange Commission (SEC) was investigating tZERO, a blockchain platform similar to Bitcoin and other cryptocurrencies. While Bitcoin prices were quickly increasing at the time, Overstock.com Inc. acknowledged 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.”
Plaintiffs in the class action claim that Overstock failed to disclose that the company’s coin offering had a number of issues, and that the company’s Medici business was rapidly losing money.
How an Overstock Class Action Lawsuit Can Help
Individuals who invested money and purchased stock in Overstock.com Inc. between August 3, 2017 and March 26, 2018, may be eligible to pursue damages and recover their losses through an Overstock class action lawsuit and are encouraged to seek the advice of an experienced securities fraud attorney to learn more about their rights and remedies.
The Time You Have to Pursue a Claim is Limited. Contact Us Today.
For more information, contact Attorney Group. You can fill out the form on this page or contact us by phone or email.
After you contact us, an attorney will follow up to answer questions that you might have. There is no cost or obligation to speak with us, and any information you provide will be kept confidential.
Please note that the law limits the time you have to pursue a claim or file a lawsuit for an injury. If you think you have a case, you should not delay taking action. Please also note, the deadline to file for lead plaintiff in this class action is May 29, 2018. You must file an application to be appointed lead plaintiff to this deadline in order to be considered by the court.