Overstock.com Commends Chairman and Judiciary Committee for Advancing Patent Litigation Reform Bill Measure targets abusive litigation
SALT LAKE CITY, Nov. 21, 2013 /PRNewswire/ -- Overstock.com, Inc. (NASDAQ: OSTK) congratulates House Judiciary Committee Chairman Bob Goodlatte, R-Va., and members of the House Judiciary Committee for putting forward a strengthened version of the Innovation Act to the full House.
According to Overstock.com Chairman and CEO Patrick Byrne, the bill addresses abusive patent litigation tactics in suits brought by so-called, non-practicing entities, which Overstock.com calls: "patent trolls."
"This legislation will strengthen the hand of legitimate companies in defending against abusive troll litigation," said Byrne. "When this bill passes, it will liberate billions of dollars now wasted in dealing with troll suits, for reinvestment in jobs, innovation, and economic growth."
While noting strong support for legitimate inventor rights, Overstock.com has joined thousands of companies now asking Congress for relief from the so-called troll litigation practices. Byrne observed that the defense costs of a troll suit run into the millions—regardless of the fact that many of these suits are completely without legal grounds. When threatened, rather than bear high defense costs, many companies simply pay the patent trolls a reduced settlement demand to go away.
"It's a hit-and-run game we don't play," said Jonathan Johnson, executive vice chairman of Overstock.com. "Overstock.com has successfully defended many troll cases, but the financial burden is enormous and unfair. This bill provides badly needed tools in the war to end the troll's business model, and when the bill passes, American business can get back to the job of growing the economy. We thank Chairman Goodlatte and the Judiciary Committee members for strengthening and moving this bill forward."
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. All other trademarks are the property of their respective owners.
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 proposed legislation. Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in the Company's Form 10-Q for the quarter ended September 30, 2013 which was filed with the SEC on October 17, 2013, and any subsequent filings with the SEC.
SOURCE Overstock.com, Inc.