Law360 (May 13, 2020, 9:50 PM EDT) — Overstock.com has urged a Utah federal judge to toss a proposed class action accusing the e-commerce site of lying about its financial prospects and scheming to issue digital token dividends intended to punish short sellers, arguing that the shareholders fail to state a claim.
In separate dismissal bids Tuesday, the online home goods retailer and its current and former top brass contended that the company’s alleged misstatements are not actionable because they are forward-looking statements protected the safe harbor provision of the Private Securities Litigation Reform Act, and that the investors have not shown that the company deceived the public or manipulated…
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