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RENO, NV USA
SALT LAKE CITY, July 12 /PRNewswire-FirstCall/ -- Overstock.com(R)
(Nasdaq: OSTK) CEO Patrick Byrne issued the following statement today in
regards to the Securities and Exchange Commission's open meeting held this
morning on proposed amendments to Regulation SHO.
"I congratulate the SEC for the courage they showed today, and I am
grateful for the leadership of Chairman Cox. It is clear he understands the
severity of the problem, and the Commissioners can be proud of the steps
they are taking to end the blight of abusive naked short selling upon our
Regulation SHO went into affect in January 2005 and was supposed to
stop illegal naked short selling -- the practice of deliberately selling
shares of stock without first locating available shares to sell (also
referred to as "failure to deliver"). In the open meeting today, SEC
Chairman Christopher Cox said it is apparent that there is a serious
problem with abusive naked short selling. The Commission candidly
acknowledged the shortcomings of Regulation SHO and that proposed
amendments to the regulation are the result of thorough analysis. The SEC
has also commissioned two academic studies looking into the effects of
failed stock trades.
Overstock.com, Inc. is an online "closeout" retailer offering discount,
brand-name merchandise for sale over the Internet. The company offers its
customers an opportunity to shop for bargains conveniently, while offering
its suppliers an alternative inventory liquidation distribution channel.
Overstock.com, headquartered in Salt Lake City, is a publicly traded
company listed on the NASDAQ National Market System and can be found online
Overstock.com is a registered trademark of Overstock.com, Inc. All
other trademarks are the property of their respective companies.