Law360 (September 29, 2020, 4:20 PM EDT) -- A Utah federal judge on Monday said home goods online retailer Overstock.com didn't manipulate the market, nixing a putative class action that alleged the e-commerce retailer lied about its future finances and issued digital token dividends to punish short sellers.
Investors, led by Mangrove Partners Master Fund, said that Overstock and its executives intentionally misstated its retail division's financial condition by repeatedly revising its retail earnings guidance upward. The investors said Overstock and its executives did so by not disclosing the company's inability to obtain director and officer liability insurance and by misrepresenting the purpose of a digital dividend that hurt...
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