Securities Law Prof Blog

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

Friday, May 25, 2007

Overstock Directors Resign Because of Lawsuit

Two directors have now resigned from 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.

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