Key Developments: Overstock.com Inc (OSTK.OQ)
6 Dec 2013
Latest Key Developments (Source: Significant Developments)
Overstock.com Inc reported in its Form 8-K that on February 21, 2013 the Company’s Senior Vice President, Customer and Partner Care Stormy D. Simon was appointed as a Co-President of Overstock.com, Inc. (Company); the Company’s Senior Vice President, Merchandising and Supply Chain David J. Nielsen was appointed as a Co-President of the Company; President Jonathan E. Johnson’s duties as President were assumed by Ms. Simon and Mr. Nielson, both of whom will continue to report to Mr. Johnson, who remains Acting Chief Executive Officer (principal executive officer) of the Company. Full Article
Overstock.com, Inc. announced the SEC's Salt Lake Regional Office notified the Company by letter that it has closed its 2009 investigation of Overstock.com and it does not intend to recommend to the Commission any enforcement action against the Company. Full Article
Overstock.com, Inc. announced that the California court in its prime broker lawsuit granted the defendants' motion for summary judgment. At hearing, last Thursday, counsel for Overstock.com reviewed Defendant's extensive 'in California' conduct including evidence showing: A large percentage of the trades that were part of the manipulative scheme, both equities and options, were effected by all Defendants on the Pacific Coast Stock Exchange, which was located in San Francisco; Merrill Lynch Professional Clearing Corporation's San Francisco office played a significant role in the fraud. The head of that office actively worked with Merrill's senior management to create the policies and procedures to further the conduct, communicated five to six times a week with one of the lead traders involved in the manipulative naked short-selling of millions of shares of Overstock.com, financed the manipulative trades, prearranged with the trader a plan to allow the trader to fail (not settle) all its Overstock trades, and also worked with clients to avoid being forced to settle naked short-selling transactions thorough "wash" or "matched" trades; and Goldman Sachs purchased a type of "conversion trades" that were part of the manipulative scheme which were cleared by Merrill Lynch Professional Clearing Corporation in San Francisco, and which trades were effected on the Pacific Coast Stock Exchange in San Francisco. Full Article
WASHINGTON - Amazon.com Inc and other online retailers with no physical presence in New York State must go on collecting sales tax after the U.S. Supreme Court on Monday declined to hear a legal challenge to the law that requires it.