SALT LAKE CITY, Oct. 25, 2013 /PRNewswire/ -- Overstock.com, Inc. (NASDAQ: OSTK) today commended Chairman of the House Committee on the Judiciary Bob Goodlatte, R-Va., and a bipartisan group of co-sponsors for the recently introduced patent litigation reform bill.
"Something had to be done to curb abusive patent litigation, which restricts job growth and innovation, and strips an estimated $80 billion from our economy annually," said Patrick Byrne, chairman and CEO of Overstock.com. "These suits have nothing to do with protecting inventors--they are barnacles on the hull of economic development, and we are glad that Congress decided to scrape them off."
While noting his strong support for inventor rights, Byrne has joined with thousands of companies nationwide in asking Congress for meaningful patent litigation reforms, targeting the legal leverage patent trolls use to extort settlement payments from innocent companies. Byrne observed that in these suits, defense costs run into the millions—regardless of whether the suit is clearly frivolous and baseless.
"Rather than pay the extortionate demands of these trolls, Overstock.com has fought and successfully defended many abusive cases," said Jonathan Johnson, executive vice chairman of Overstock.com, "but the financial burden of a just defense is still enormous and simply unfair. We see this bill as a game-changer, and we thank Chairman Goodlatte, and all those supporting the bill, for drawing a bead on abusive patent litigation."
Overstock.com (NASDAQ: OSTK) is an online discount 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.com (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 24, 2013, and any subsequent filings with the SEC.
SOURCE Overstock.com, Inc.