Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

A Member of the Law Professor Blogs Network

Friday, May 25, 2007

Overstock Directors Resign Because of Lawsuit

Two directors have now resigned from Overstock.com Inc.'s board of directors because of CEO Patrick Byrnes's $3.5 billion lawsuit against several major brokerage firms alleging a market manipulation scheme that drove down the price of the company's stock.  Ray Groves was the latest, resigning Thursday.  Byrnes calls the lawsuit his "jihad," other executives have spoken out against the lawsuit, including Byrnes's father, who had been chair.  See WSJ, Overstock Director Resigns,Citing Suit Against Brokers.

http://lawprofessors.typepad.com/securities/2007/05/overstocked_dir.html

News Stories | Permalink

TrackBack URL for this entry:

http://www.typepad.com/services/trackback/6a00d8341bfae553ef00d83548783a53ef

Listed below are links to weblogs that reference Overstock Directors Resign Because of Lawsuit:

Comments

Post a comment