Overstock Short Sellers Fall Short as Judge Gives Digital Dividend Claims Sho...
Patrick Byrne and Overstock.com have prevailed over the digital dividend-doubting short sellers.
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The lawsuit, accusing Overstock of market manipulation through its security token airdrop, has been turfed by a federal judge. A Utah federal judge has tossed out a lawsuit that accused Overstock ($OSTK) of market manipulation by distributing a ‘digital dividend’ of security tokens to shareholders and repeatedly revising retail earnings guidance upward to punish short-sellers.U.S. district judge Dale Kimball granted two motions to dismiss the suit on September 28, finding that the digital dividend did not manipulate the market, and that the revised earnings statements were protected by the....
The plaintiff may now file an amended complaint against Overstock and former CEO Patrick Byrne.
A report from S3 Partners noted that crypto stocks with the highest short interest include Coinbase, Marathon Digital and MicroStrategy. Short-sellers have made a killing on various sectors of the U.S. stock market this year, but no other sector "held a candle” to the blockchain industry, with crypto company short-sellers profits up 126% in 2022, according new data.On Thursday, technology and data analytics firm S3 Partners published a video summarizing its recent report, which found that overall, U.S. equity short-sellers are up on average more than 30% for the year. Some of these profit....
A United States federal judge has reversed his decision to dismiss a lawsuit alleging that Overstock manipulated its share market by distributing a security token in 2019. A Utah federal judge has reversed his own dismissal of a class-action lawsuit against online retailer Overstock that alleges it manipulated the market by issuing a security token “Digital Dividend” to shareholders last year.On Jan. 6, Judge Kimball reversed his previous decision to dismiss the lawsuit, granting the plaintiffs’ request from October to file an amended consolidated complaint. The class-action was filed by....
The seemingly innocent act of earning interest on bitcoin actually supports short sellers.