SALT LAKE CITY, June 6 /PRNewswire-FirstCall/ -- Overstock.com, Inc.
(Nasdaq: OSTK) announced today it has been informed by the Regional Director
of the Salt Lake District Office of the Securities & Exchange Commission that
the office has completed the investigation of the company and its officers and
does not intend to recommend any enforcement action by the Commission against
the company or its officers. Overstock.com voluntarily disclosed the SEC's
inquiry in May 2006 and cooperated fully with the SEC.
"I know that the SEC has an obligation to look into allegations it
receives about any company -- even when those allegations are false," said
Patrick Byrne, Overstock.com's chairman and chief executive officer. "I
believe that this inquiry was initiated, and persisted, because of false
allegations made by a cohesive group of short sellers and a few financial
journalists who dutifully serve them. In this case, I believe these folks
fomented the SEC investigation against Overstock.com then tried to claim that
the existence of an SEC investigation was evidence of wrong doing. We knew
that was false."
Byrne added, "Yipikaye."
About Overstock.com
Overstock.com, Inc. is an online retailer offering brand-name merchandise
at discount prices. The company offers its customers an opportunity to shop
for bargains conveniently, while offering its suppliers an alternative
inventory distribution channel. Overstock.com, headquartered in Salt Lake
City, is a publicly traded company listed on the NASDAQ Global Market System
and can be found online at http://www.overstock.com.
Overstock.com(R) is a registered trademark of Overstock.com, Inc. All
other trademarks are the property of their respective owners.
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 the reasons for the SEC to initiate
and persist in investigations. Our Form 10-K for the year ended December 31,
2007, our subsequent quarterly reports on Form 10-Q, or any amendments
thereto, and our other subsequent filings with the Securities and Exchange
Commission identify important factors that could cause our actual results to
differ materially from those contained in our projections, estimates or
forward-looking statements.
SOURCE Overstock.com, Inc.
