More Accounting Mistreatment By (NASDAQ:OSTK) and CEO Patrick Byrne


Last week, Sam Antar exposed yet another set of accounting manipulations by (NASDAQ:OSTK) and CEO Patrick Byrne. Those who have carefully followed the Overstock saga are no doubt unsurprised at company’s use of a little accounting “presto chango” to make the fourth quarter of 2008 look better.

Had the company reported its financials properly for the year, the fourth quarter would have shown a loss of $800,000. With this bit of accounting magic, instead reports a profit of $1 million. Continue reading