He did predict he'd get a subpoena............ Press Release Source: Overstock.com, Inc. Overstock.com Celebrates Receipt of SEC Subpoena Tuesday May 9, 5:47 pm ET SALT LAKE CITY, May 9 /PRNewswire-FirstCall/ -- Overstock.com® (Nasdaq: OSTK - News) announced that today it received a subpoena from the Securities and Exchange Commission concerning issues and requesting information outlined below. ADVERTISEMENT Overstock.com Chairman and CEO Patrick Byrne said, "I may be the first CEO in history to celebrate receiving an SEC subpoena. Some of the requests suggest the whispering of the blackguards, but I remain unconcerned about their hokum. In truth, I am gratified to see that the SEC is looking into the issues about which I have been speaking: I believe our capital markets are broken in a deep way, our system of corporate voting and governance is a hoax, the savings of Americans are being drained through our financial system's fissure of unsettled trades, and the system appears to be cracking around Overstock.com (of course, I could be proved wrong if they would force the settlement of, or even reveal the size of, all unsettled trades in OSTK, which I believe number from 7 to 30 million shares). While some of the miscreants file frivolous delaying motions, and others schmooze with hedge funds and write what they are told to write (yet call themselves 'journalists' to shield their perfidy behind the First Amendment), I on the other hand applaud the SEC's actions and eagerly anticipate my chance to get these issues into court." The subpoena requests a broad range of documents, including, all documents relating to the Company's accounting policies, targets, projections, estimates, recent restatement, new technology systems and their implementation, and communications with and regarding analysts. In addition, the subpoena requests all information relating to the filing of its complaint against Gradient Analytics, Inc., communications regarding shareholders who did not receive the Company's proxy statement in April 2006, communications with shareholders, and communications regarding short selling, naked short selling, purchases and sales of Company stock, obtaining paper certificates, and stock loan or borrow of Company shares. The Company intends to review the subpoena and respond in due course. About Overstock.com Overstock.com, Inc. is an online "closeout" retailer offering discount, brand-name merchandise for sale over the Internet. The company offers its customers an opportunity to shop for bargains conveniently, while offering its suppliers an alternative inventory liquidation distribution channel. Overstock.com, headquartered in Salt Lake City, is a publicly traded company listed on the NASDAQ National Market System and can be found online at http://www.overstock.com. Overstock.com is a registered trademark of Overstock.com, Inc. All other trademarks are the property of their respective companies. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, statements regarding celebration of an SEC subpoena, the chance to prove the company's beliefs in court, and such other risks as identified in our Form 10-K for the year ended December 31, 2005, and all our subsequent filings with the Securities and Exchange Commission, which contain and identify important factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements.
Right. Spend the energy making the business run better and better. Shorts won't want anything to do with the stock.
The stock should never have gotten above 20. The same forces that drove this stock up to 70, brought it down to 25. I have no idea of the merits of his case, I think most people already realize that rampant fraud and criminality exist in the markets, but that doesn't change the fact this company will probably never earn a dime. Its customers are completely and utterly oblivious to any SEC investigation, so it cant be argued it's hurting sales. And considering their newly adopted strategy is to reduce growth, it can't be argue that this is effecting any type of "growth strategy" ... This company simply has an infinite number of competitors, and NO COMPETITVE ADVANTAGE, considering they've admitted their inventory systems are too costly and don't work. They do, however, have an attractive spokesperson, who ... is starting to grey. Fool Me once, ....
" I think most people already realize that rampant fraud and criminality exist in the markets, " the markets such as these, to be specific
Stock is already down a bit after hours. However, this time it reallymay be different. We are so far down the road with this. This SEC crap is what they do. And maybe it backfires. People are sick of this. Look at TASR> All that time, and ....... never mind. We didn't find anythingl. Patrick predicted last year an SEC investigation. If he has a bomb, and I think he probably does, THAT'S ONLY MY OPINION NOW, but he drops it here and now. You have to admit, this is interesting as hell.
odd that da stock went up almost 5% durin' rth'n'tumbled more another 4% in ah for no apparent reason; was there any news[?]
Arnie Alsin article, Real moneyprobable scooted the stock. The bomb didn't take long. From thesanitycheck.com The person who was heading up the SF office investigation into the claims against the hedge fund and research firm suddenly got offered a huge job with Kroll, a private investigation firm tied by our hero to the miscreants - and now she is off the table, making huge amounts of money - an offer from out of the blue... This is insane.