Updated for two additional notes to the SEC at bottom of postOverstock.com (NASDAQ: OSTK) CEO Patrick Byrne has engaged in a public dispute with Grant Thornton, the company's former auditors. Yesterday, Overstock.com issued a press release disputing claims by Grant Thornton that it did not approve the company recognizing the Q1 2009 recovery of a 2008 $785,000 overpayment to a [...]
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To the Securities and Exchange Commission:
In my last letter, I detailed how Overstock.com (NASDAQ: OSTK) deliberately concealed a 2008 overpayment to a fulfillment partner that was later recovered and improperly reported as income in Q1 2009. Now Grant Thornton has written a rare public letter to Overstock.com agreeing [...]
To the Securities and Exchange Commission:
On November 18, 2009, Overstock.com (NASDAQ: OSTK) held conference call where CEO Patrick M. Byrne, company President Jonathan E. Johnson, and CFO Steve Chesnut sought to justify the company's improper treatment of accounting errors under investigation by the SEC, the company's firing of [...]
This evening Overstock.com (NASDAQ: OSTK) held a conference call to discuss certain financial reporting violations covered extensively in this blog, their firing of Grant Thornton as their auditors who agreed with me on the accounting issues now being investigated by the SEC, and their [...]
Updated
In a real dumb move, Overstock.com (NASDAQ: OSTK), led by CEO Patrick Byrne, dismissed Grant Thornton as the company’s auditors and filed an unreviewed Q3 2009 10-Q because of material disagreements over certain accounting issues with its now fired auditors.
Those material disagreements relate to reports in my [...]
The Securities and Exchange Commission settled charges against SafeNet Inc. (SNFT.UL) for backdating of stock options and violations of Regulation G which governs non-GAAP financial measures such as EBITDA (earnings before interest, taxes, depreciation, and amortization). The various defendants agreed to injunctive relief and civil penalties ranging from [...]
The Securities and Exchange has expanded its continuing investigation of Bidz.com (NASDAQ: BIDZ) to include "the Company’s co-op marketing contributions and minimum gross profit guarantees." On February 10, 2009, the SEC started an investigation into Bidz.com's inventory disclosures for possible violations of Generally Accepted Accounting Principles (GAAP) in response to' [...]
Overstock.com delays Q3 2009 10-Q report
Yesterday, Overstock.com (NASDAQ: OSTK) announced that it missed the Securities and Exchange Commission deadline for the filing its Q3 2009 financial report on time. The company disclosed:
The registrant has been unable to complete its financial statements for the quarter ended September 30, 2009, as [...]
A message to any Democrat, Republican, or Independent lawmaker who is thinking of abolishing or weakening the Sarbanes-Oxley Act of 2002. As a convicted felon, who committed his crimes in cold blood and with callous disregard for my victims, I will publicly endorse each and every one of you as [...]
Patrick Byrne is afraid to answer questions about Overstock.com's (NASDAQ: OSTK) continuous violations of Generally Accepted Accounting Principles (GAAP) and SEC disclosure rules. Because of those violations, Overstock.com's current financial reports cannot be accurately compared to reports in corresponding prior periods.
In its latest Q3 2009 financial report Overstock.com disclosed [...]
To Patrick Byrne:
You have denied me personal access to the conference call and have provided arbitrary and unreasonable conditions not imposed on other participants in the call. In any case, I will be seeking access to the call to ask possible follow up questions.
You are perfectly aware that some of [...]
