Overstock Class Action Claims SEC Blocked Firm’s Digital Dividend Lockup
An investor has launched a class action against Overstock and two former execs, claiming securities violations involving the firm's digital dividend.
The online retailer has finally handed out its digital dividend to shareholders after delays hit last year's planned distribution.
The e-commerce firm is hoping to persuade a judge in the Utah District Court to throw out a class-action securities fraud lawsuit relating to the firm's security token dividend and its effect on short sellers.
Patrick Byrne and Overstock.com have prevailed over the digital dividend-doubting short sellers.
The blockchain-friendly online retailer is planning to distribute its long-delayed digital asset shareholder dividend on May 19.
The bitcoin-friendly retail company and the parent of security token marketplace tZERO says it was again subpoenaed by the Securities and Exchange Commission at the end of 2019.