Overstock.com Responds to Action Filed by Alameda County
Looks Forward to Day in Court
SALT LAKE CITY, Nov. 17, 2010 /PRNewswire/ -- Overstock.com, Inc. (Nasdaq: OSTK) today responded to an action filed in Alameda County, California. For many items on its site, the company provides retail value comparisons, using standard industry practices, which is the practice complained of in the allegations.
"Overstock.com stands by all our advertising practices, including providing comparison values which we thoroughly explain on our site. We have been singled out for standard industry practices, which we look forward to demonstrating in court," said Jonathan Johnson, President of Overstock.com.
The company has been in discussions for some time with officials from the offices which filed the case today.
Johnson continued, "Overstock.com is known for offering quality products at great prices. Over a period of years we worked to resolve this with representatives of these offices, and thought we had made great progress. We profoundly regret that these officials have chosen to file this lawsuit at what appears to us to be a strategically-timed moment. Regardless, we have confidence in the California courts to hear and fairly decide these issues. As always, we look forward to our day in court."
Overstock.com, Inc. is an online retailer offering brand-name merchandise at discount prices. The company offers its customers an opportunity to shop for bargains conveniently, while offering its suppliers an alternative inventory distribution channel. Overstock.com, headquartered in Salt Lake City, is a publicly traded company listed on the NASDAQ Global Market System and can be found online at http://www.overstock.com. Overstock.com regularly posts information about the company and other related matters on its website under the heading "Investor Relations."
Overstock.com® is a registered trademark 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 concerning case allegations and legal outcomes. Our Form 10-K for the year ended December 31, 2009, our subsequent quarterly reports on Form 10-Q, or any amendments thereto, 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 or forward-looking statements.
SOURCE Overstock.com, Inc.
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