Court tosses out short-sellers’ lawsuit targeting Overstock’s 'digital dividend'
The lawsuit, accusing Overstock of market manipulation through its security token airdrop, has been turfed by a federal judge. A Utah federal judge has tossed out a lawsuit that accused Overstock ($OSTK) of market manipulation by distributing a ‘digital dividend’ of security tokens to shareholders and repeatedly revising retail earnings guidance upward to punish short-sellers.U.S. district judge Dale Kimball granted two motions to dismiss the suit on September 28, finding that the digital dividend did not manipulate the market, and that the revised earnings statements were protected by the....
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Patrick Byrne and Overstock.com have prevailed over the digital dividend-doubting short sellers.
The plaintiff may now file an amended complaint against Overstock and former CEO Patrick Byrne.
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