U.S. SEC subpoenas Overstock, seeks information on 2019 retail forecast
FEBRUARY 26, 20212:16 PM UPDATED A DAY AGO
By Reuters Staff
2 MIN READ
reuters.com
(Reuters) - Overstock.com Inc said on Friday it received a subpoena from the U.S. Securities and Exchange Commission in January, seeking information on the company’s 2019 forecast for retail unit and on certain communication with executives and investors.
The online retailer and blockchain tech investor is cooperating with the investigation, it said in a regulatory filing, and continues to provide documents requested in the subpoena.
Overstock did not respond to a request for additional details on the subpoena.
“Although we believe that we have fully complied with all relevant laws and regulations, there can be no assurance that the SEC will not commence an enforcement action against us or members of our management, or as to the ultimate resolution of any enforcement action that the SEC may decide to bring,” Overstock said.
Earlier this week, the company posted a surprise quarterly profit and said its revenue soared 84% over the previous year.
Overstock’s shares have received a boost after bitcoin, the world’s most popular cryptocurrency, witnessed increased demand from institutional, corporate and more recently retail investors, attracted by the prospect of quick gains.
Reporting by Akanksha Rana in Bengaluru; Editing by Shinjini Ganguli
reuters.com
At a White House meeting four days later, Trump met with Powell, and two prominent associates: former Overstock.com chief executive Patrick Byrne, who was financing his own team of “cybersleuths” to help prove voter fraud, and Michael Flynn, the disgraced and newly pardoned former national security adviser who had by then publicly raised the notion that Trump should declare martial law. The session descended into a shouting match between the three and members of Trump’s White House team, including his White House counsel, Pat Cipollone.
“It was really damned close to fistfights,” Byrne recalled on the “Operation Freedom” YouTube show.
Ultimately, Trump agreed to focus on a different goal: blocking congressional certification of the results on Jan. 6.
yahoo.com
To see how far down the rabbit hole Trump went, read this gobsmacking Axios account of a bonkers White House meeting that Trump had on Dec. 18 with attorney Sidney Powell, his former national security adviser Michael Flynn, former Overstock.com CEO Patrick Byrne and other conspiracy mongers pushing wild tales of election fraud.
axios.com |
