Overstock Reappears on the Regulation SHO Threshold List
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SALT LAKE CITY, Dec. 27 /PRNewswire-FirstCall/ -- Overstock.com, Inc. (Nasdaq: OSTK) announced that today, after a mere six trading day reprieve, it has reappeared on Nasdaq's Regulation SHO threshold list. (Source: http://www.nasdaqtrader.com/aspx/regsho.aspx). Regulation SHO requires the stock exchanges to publish daily a list of companies whose stock has failures-to-deliver above a certain threshold. It also requires mandatory close-outs for open fail-to-deliver positions in threshold securities persisting for over 13 days, with the aim that no security would appear on the threshold for any extended period. Overstock has now appeared on the Regulation SHO threshold list for 710 trading days -- nearly the entire time the list existed. "After spending 669 consecutive trading days on the list, when we dropped off the list last week, we cautiously hoped that it was an indication that efforts to reform Regulation SHO were working," said Overstock senior vice president, corporate affairs and legal Jonathan Johnson. "However, it is clear that the SEC must do more to stop chronic failures-to-deliver. That is why we are so adamant in urging the SEC to adopt the G.O.L.D. standard." The "G.O.L.D." standard is an acronym which stands for: "G": eliminate Regulation SHO's "G"randfather clause; "O": eliminate Regulation SHO's "O"ptions market maker exception; "L": require short-sellers to "L"ocate and borrow shares before selling them; and "D": require the exchanges to "D"isclose fully and promptly the aggregate failure-to-deliver positions for every threshold list company. While the SEC has eliminated the grandfather clause, it has not adopted any of the remaining reforms -- despite calls from the U.S. Chamber of Commerce, other business groups, members of Congress, investors, academics, and other public companies. "We're back on the list," said Overstock chairman and chief executive officer Patrick Byrne, "but I'm not surprised given the manipulation that has occurred for nearly three years. Here we are on the eve of the third anniversary of Regulation SHO (January 3) and hundreds of companies continue to be manipulated -- right under the SEC's watchful eye." As of today, 401 companies are on the Regulation SHO threshold list: 166 for over 13 consecutive trading days, 35 for over 100 consecutive trading days, and one, Medis Technologies Ltd., for 602 consecutive trading days. (Source: http://buyins.net/tools/short_list.php?ssd=20071227 ). 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 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 whether the SEC is actually watching the manipulation of publicly traded companies. Our Form 10-K for the year ended December 31, 2006, our subsequent quarterly reports on Form 10-Q, 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. Media, Kirstie Burden, +1-801-947-3172, email@example.com, or Investors, Kevin Moon, +1-801-947-3282, firstname.lastname@example.org, both of Overstock.com, Inc.
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