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Overstock.com : Initial Coin Offering

Case Summary

Overstock.com : Initial Coin Offering Securities Litigation

Case Summary

Case Status:    DISMISSED    
On or around 08/07/2018 (Notice of voluntarily dismissal)

Filing Date: March 29, 2018

According to the law firm press release, Overstock is an online retailer and purported advancer of blockchain technology. On December 18, 2017, Overstock announced that its Medici Ventures (“Medici”) business and tZERO trading system was engaging in a $250 million coin offering.

The complaint alleges that Defendants violated provisions of the Exchange Act by issuing false and misleading statements to investors, including in filings with the U.S. Securities and Exchange Commission (“SEC”). Specifically, Defendants made false and/or 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 June 20, 2018, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel.

On August 7, this case was voluntarily dismissed by the Lead Plaintiff.

Company & Securities Information

Defendant: Overstock.com

COMPANY INFORMATION:

Sector: Services
Industry: Retail (Catalog & Mail Order)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: OSTK
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.

First Identified Complaint

Blake Morris, et al. v. Overstock.com, et al.

COURT: D. Utah
DOCKET #: 18-CV-00271
JUDGE: Hon. Paul M. Warner
DATE FILED: 03/29/2018
CLASS PERIOD START: 08/03/2017
CLASS PERIOD END: 03/26/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Anderson & Karrenberg
  2. Holzer & Holzer, LLC
  3. Scott + Scott LLP (NY)
First Identified Complaint (FIC) Filings:
No Document Title Filing Date
1 Class Action Complaint for Violations of Federal Securities Laws 03/29/2018
2 Order Consolidating Related Actions, Appointing Lead Plaintiff, and Approving Selection of Counsel 06/20/2018
3 Notice of Voluntary Dismissal 06/28/2018
4 U.S. District Court Civil Docket 08/07/2018
5 Notice of Voluntary Dismissal Pursuant to Federal Rule of Civil Procedure 41(A) 08/07/2018

Reference Complaint

—Reference Complaint Complaint Related Data is not available

Related District Court Filings

—Related District Court Filings Data is not available
 
 

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