Overstock.com CEO Says Senate Sidelining of Patent Troll Reforms Delays Justice
SALT LAKE CITY, May 22, 2014 /PRNewswire/ -- Overstock.com, Inc. (NASDAQ: OSTK) laments the decision of Senate Judiciary Committee Chairman Patrick Leahy to delay patent troll litigation reform legislation – the same legislation requested by President Obama and passed by the House of Representatives.
The company praises both of Utah's Senators, Orrin Hatch and Mike Lee, and other likeminded Senators for their leadership in championing legislative proposals that, "would have put a stake in the heart of abusive patent trolls and restored order to the nonsensical patent litigation system which today inhibits innovation," said Overstock.com CEO Patrick M. Byrne.
Overstock.com has won many victories against patent trolls and continues to fight patent troll suits. However, defending against these frivolous patent troll suits comes at a high price. The proposals that the Senate sidelined today would have relief for American companies under siege from patent troll suits which overrun American business interests and cost the economy $30 billion annually.
"That's real money and real lost jobs and lost opportunities," says Jonathan Johnson, Overstock.com's chairman, and former general counsel. "Tens of thousands of companies have called for reform, and millions of jobs and large sections of the economy depend upon it."
Patent troll litigation reform seemed like the one initiative that the Senate might act on this year that would have had a decisive effect; it enjoyed large bi-partisan and White House support. A similar measure passed the House by a 325-vote majority and President Obama pledged support for swift action.
"Failing to act on these measures mocks justice," said Byrne. "We ask Senators going into this election season to say 'no' to the special moneyed interests opposing this reasonable package of reforms and get this done now."
Overstock.com will continue its fight against patent trolls and asks the Senate to pass this legislation that unshackles American businesses now chained to the country's broken and often extortionate system of patent troll litigation.
Overstock.com (NASDAQ: OSTK) is a discount online shopping retailer based in Salt Lake City, Utah that sells a broad range of products including furniture, rugs, bedding, electronics, clothing, jewelry and cars. Worldstock.com, a fair trade department dedicated to selling artisan-crafted products from around the world offers additional unique items. Main Street Revolution supports small businesses across the United States by providing them a national customer base. The Nielsen State of the Media: Consumer Usage Report placed Overstock.com among the top five most visited mass merchandiser websites in 2011. The NRF Foundation/American Express 2011 Customer Choice Awards ranked Overstock.com #4 in customer service among all U.S. retailers. Overstock.com sells internationally under the name O.co. Overstock Shopping (http://www.overstock.com and http://www.o.co) regularly posts information about the company and other related matters under Investor Relations on its website.
Overstock.com®, O.co®, Worldstock Fair Trade® and Club O Rewards® are registered trademarks of Overstock.com, Inc. O.info™, Club O™, Club O Dollars™ and Your Savings Engine™ are trademarks of Overstock.com, Inc.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, statements regarding the benefits of the legislation discussed and statements other than statements of historical fact. More information about factors that could materially affect results and the accuracy of the forward-looking statements contained herein or in the webcast may be found in the Company's Form 10-Q for the quarter ended March 31, 2014, which was filed with the SEC on April 29, 2014, and any subsequent filings with the SEC. This and our other subsequent filings with the Securities and Exchange Commission identify important factors that could cause our actual results to differ materially from those contained in our projections, estimates and other forward-looking statements.
SOURCE Overstock.com, Inc.