Overstock.com: Single digits right around the corner?
Today, Overstock.com (NASDAQ: OSTK) stock hit closed at a low like it hasn’t seen in four years: $11.85. $11.30. Could it be that Patrick Byrne’s grand charade is finally unraveling, right before our very eyes?
For quite some time, there have been plenty of questions about the company’s accounting practices… specifically how it accounts for inventory. The financial statements and the things said in conference calls didn’t quite mesh. Executives talked about knowing at the beginning of 2006 that there were going to be huge write-offs of inventory, yet not disclosing that information until the end of 2006.
The market didn’t seem to care a whole lot. But finally, with the apparent shenanigans surrounding the resignation of president, COO, and board member Jason Lindsey, maybe the market is finally paying attention.
Do you suppose Patrick Byrne is panicking at the though of Overstock.com’s stock price going down into single digits? He should be. Might I suggest he run over to the Overstock warehouse and pick up a few of these in case of emergency?
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