Views Article – Sharenet Wealth

News, North America

U.S. SEC subpoenas Overstock, seeks information on 2019 retail forecast

(Adds details from the filing, background)

Feb 26 (Reuters) – Inc said on Friday it received a subpoena from the U.S. Securities and Exchange Commission in January, seeking information on the company’s 2019 forecast for retail unit and on certain communication with executives and investors.

The online retailer and blockchain tech investor is cooperating with the investigation, it said in a regulatory filing, and continues to provide documents requested in the subpoena.

Overstock did not respond to a request for additional details on the subpoena.

“Although we believe that we have fully complied with all relevant laws and regulations, there can be no assurance that the SEC will not commence an enforcement action against us or members of our management, or as to the ultimate resolution of any enforcement action that the SEC may decide to bring,” Overstock said.

Earlier this week, the company posted a surprise quarterly profit and said its revenue soared 84% over the previous year.

Overstock’s shares have received a boost after bitcoin , the world’s most popular cryptocurrency, witnessed increased demand from institutional, corporate and more recently retail investors, attracted by the prospect of quick gains. (Reporting by Akanksha Rana in Bengaluru; Editing by Shinjini Ganguli)

© 2019 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.