{"id":1185,"date":"2008-01-03T20:56:47","date_gmt":"2008-01-04T02:56:47","guid":{"rendered":"http:\/\/www.sequence-inc.com\/fraudfiles\/2008\/01\/03\/overstock-falls-by-more-than-12-and-theres-still-another-day-in-the-week\/"},"modified":"2008-01-04T11:25:50","modified_gmt":"2008-01-04T17:25:50","slug":"overstock-falls-by-more-than-12-and-theres-still-another-day-in-the-week","status":"publish","type":"post","link":"https:\/\/www.sequenceinc.com\/fraudfiles\/overstock-falls-by-more-than-12-and-theres-still-another-day-in-the-week\/","title":{"rendered":"Overstock falls by more than 12% and there’s still another day in the week!"},"content":{"rendered":"

I bet Patrick Byrne, CEO of Overstock.com<\/a> (NASDAQ: OSTK) wishes the week was over. He screams, “NOOOOOOO…. not one more day of trading!”<\/p>\n

The stock fell over 12% to $13.24, the lowest price since 2003. But of course, the company isn’t sucking wind… so says Patrick Byrne. No, he says things are just rosy.<\/p>\n

But we’re still looking at a company that has never turned a profit. That has consistent “unusual” inventory numbers, with reserves and junk inventory that have varying explanations. That just keeps eating up more and more cash. That is run by a loon who is more interested in developing and promoting conspiracy theories than he is in running the company.<\/p>\n

Sell, and sell fast. We’ve been telling you all along that this is a sinking ship. The departure of Jason Lindsey, co-founder, president, COO, and member of the board of directors is a bad sign. They say he’s sticking around part-time, but that doesn’t hold water in light of his resignation from the board. How much more “part-time” can you be than to be on the board?<\/p>\n

There are also some interesting comments and observations on this issue at:<\/p>\n