Feeds

Overstock director picks Wall Street over crusade

Fisher tossed back

Next gen security for virtualised datacentres

Overstock.com appears to have a lost a board member due to its $3.4bn lawsuit against Wall Street.

The online retailer today announced John A. Fisher's resignation in a filing with the US Securities and Exchange Commission. "The Company believes that the reason for Mr. Fisher’s resignation was his disagreement with the company’s pursuit of litigation it has filed in California against several prominent prime brokerage firms," Overstock said in the filing. Fisher, who has deep ties to Wall Street, served on Overstock's board since 2002 and was a member of the company's audit and compensation committees.

As a result of the departure, Overstock can no longer claim a majority of independent directors and intends to "take prompt action" to rectify the situation.

Earlier this month, Overstock sued a dozen prominent brokerage firms, alleging a "massive, illegal stock market manipulation scheme."

CEO Patrick Byrne has spent the last couple of years complaining about a supposed Wall Street conspiracy designed to cripple Overstock via the naked short selling of its stock.

A good sport, Byrne describes the Wall Street attack as "Lawsuit (CEO's Crusade)" on Overstock's web site. It would seem, however, that Fisher found the matter less amusing, having worked at a number of investment banks in the past.

Last July, Byrne's father John resigned from Overstock's board as well.

Byrne backers hail the flamboyant CEO as a crusader for shareholders' rights who is in the process of uncovering major short selling improprieties on Wall Street. Critics portray Byrne as an obsessed activist who spends too much time watching Wall Street and too little time running Overstock.

The company continues to post large losses and has suffered from a sales slowdown, customer service problems and massive IT issues.

But it has a really cute spokeswoman, which is nice. ®

Secure remote control for conventional and virtual desktops

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Kaspersky backpedals on 'done nothing wrong, nothing to fear' blather
Founder (and internet passport fan) now says privacy is precious
TROLL SLAYER Google grabs $1.3 MEEELLION in patent counter-suit
Chocolate Factory hits back at firm for suing customers
Facebook, Google and Instagram 'worse than drugs' says Miley Cyrus
Italian boffins agree with popette's theory that haters are the real wrecking balls
Mozilla's 'Tiles' ads debut in new Firefox nightlies
You can try turning them off and on again
Sit tight, fanbois. Apple's '$400' wearable release slips into early 2015
Sources: time to put in plenty of clock-watching for' iWatch
Facebook to let stalkers unearth buried posts with mobe search
Prepare to HAUNT your pal's back catalogue
prev story

Whitepapers

Endpoint data privacy in the cloud is easier than you think
Innovations in encryption and storage resolve issues of data privacy and key requirements for companies to look for in a solution.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Advanced data protection for your virtualized environments
Find a natural fit for optimizing protection for the often resource-constrained data protection process found in virtual environments.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.