Securities & Exchange Commission Closes Inquiry Into Overstock.com

Overstock.com (NASDAQ:OSTK) announced today that the Salt Lake City office of the SEC notified them that it is not recommending any enforcement action against the company.

The following was reported:

“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.”

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