SALT LAKE CITY , Oct. 31, 2013 /PRNewswire/ -- Overstock.com, Inc. (NASDAQ: OSTK) today commended Sen. Orrin Hatch (R-Utah) for the recently introduced Patent Litigation Integrity Act, aimed at reducing the economic incentives to bringing abusive patent litigation.
"Abusive patent litigation saps an estimated $80 billion from our economy annually. That costs jobs and shackles innovation," said Patrick M. Byrne, chairman and CEO of Overstock.com. "These suits don't protect inventors--they enrich lawyers. We are pleased that Senator Hatch and others in both houses of Congress are taking aim at these abuses."
While noting his strong support for inventor rights, Byrne said he and Overstock.com have joined with thousands of companies nationwide in asking Congress for meaningful patent litigation reform. Byrne also noted "These 'patent troll' suits extort unjust and undeserved settlement payments from innocent companies because defense costs run into the millions—regardless of whether the suit is clearly frivolous and baseless. Rather than fight, companies often pay up. Senator Hatch's bill squarely attacks the economic advantages trolls have in these suits."
"Overstock.com has fought and successfully defended many abusive cases," said Jonathan Johnson, executive vice chairman of Overstock,com, "However, the financial burden of defending is still enormous and unfair. This bill presents strong economic disincentives to bring frivolous patent litigation in the hopes of quick settlements. We encourage the Senate to quickly pass this bill."
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.