(PageOne)– Overstock.com, Inc. (NASDAQ:OSTK) announced today that the United States District Court for the District of Utah ruled in favor of Overstock in a 27-page memorandum decision and order dismissing the securities class action case filed against the company, Patrick Byrne, Greg Iverson, and Dave Nielsen in September 2019.
Overstock and other defendants filed motions to dismiss with the district court and argued that the complaint filed against them by the Mangrove Partners Fund, LTD, should be dismissed in its entirety. The district court agreed.
“We have great respect for the United States district and appellate courts and are pleased the Utah District Court accepted our arguments,” said Overstock Vice President and General Counsel, E. Glen Nickle.
Overstock is represented by John C. Dwyer, Jessica Valenzuela Santamaria, and Jeff Lombard of Cooley LLP, and Erik A. Christiansen of Parsons Behle & Latimer.