Friday, May 25, 2007
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.