SALT LAKE CITY, Dec. 5, 2013 /PRNewswire/ -- Overstock.com, Inc. (NASDAQ: OSTK) today applauded the bipartisan passage of the Innovation Act, a measure targeting abusive litigation practices in the patent area.
The company singled out Chairman Bob Goodlatte, R-Va., of the House Judiciary Committee, and Congressman Jason Chaffetz, R-Utah, an original co-sponsor and early champion of the reforms aimed at curbing the litigation tactics of patent trolls. Patent trolls are entities which assert flimsy infringement actions to extort settlements because of high defense costs.
"Overstock.com has been at the forefront of those companies calling for the changes embodied in this important legislation," said Patrick Byrne, chairman and CEO of Overstock.com. "Our focus now turns to the Senate for its passage of the bill, to speed relief to companies like ours and to staunch the flow of billions of dollars of ill-gotten gain now jingling in the pockets of these patent trolls, who do nothing for our economy. It looks like the troll party is about over."
Jonathan Johnson, executive vice chair of the company, pledged strong support on the Senate side and commended both Utah Senators Orrin Hatch, R-Utah, and Mike Lee, R-Utah and other senators for leading the charge in the Senate by proposing additional measures to make sure the overall effects of troll litigation reform. Johnson noted, "If all these reforms become law, they will finally chase the troll shadows from our doorstep, return patent litigation to its original purposes, and save American businesses $80 billion annually. Bravo!"
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 legislative components and its prospects. 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.