Search for: "Overstock.com, Inc."
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21 Nov 4:14 pm
... starting point to calculate EBITDA, it was materially overstating EBITDA by the amount of loss from discontinued operations. Likewise, by Overstock.com improperly eliminating
stock-based compensation from its EBITDA calculation, the company was materially overstating its reported ... penalties against SafeNet Inc and its various officers for similar
violations of Regulation G. I recommend that SEC also look into false representations of compliance under Regulation G by Overstock.com management when ...
24 Nov 2:04 pm
... 30, 2009 interim financial statements. We have also read Item 4.02 of Form 8-K of Overstock.com, Inc. ("the Company") dated November 16, 2009 and disagree with the
statements concerning our Firm contained therein. During ... excellent issue… did Byrne lie too about what PriceWaterhouse supposedly said about the issue??? Might want to check with
them! The issue? Overstock.com had not previously disclosed to Grant Thornton all the details surrounding this accounting issue. Once Overstock.com started ...
23 Nov 11:52 am
... 30, 2009 interim financial statements. We have also read Item 4.02 of Form 8-K of Overstock.com, Inc. ("the Company") dated November 16, 2009 and disagree with the
statements concerning our Firm contained therein. ... I outlined is my last letter, which may be one of the "unresolved" items that Grant Thornton referred to in its letter.
Overstock.com's false disclosures about the actions of its auditors and continued stonewalling of the restatement of its financial reports to comply with Generally ...
30 Apr, 2008 6:01 am
... financial performance, the Company's recent restatement of its financial statements, the filing of its complaint against Gradient Analytics, Inc., the development and
implementation of certain new technology systems and disclosures of progress and problems with those ... up" Overstock.com: 8-K: "On April 25, 2006 the Compensation Committee of
the Board of Directors of Overstock.com, Inc. (the "Company") approved additional grants under the Company's Performance Share Plan, including grants of 25, ...
26 Oct, 2008 5:58 am
... example of why so many investors have lost faith in the integrity of financial information disseminated by public companies. Overstock.com is a perennial money losing company
selling investors hope for the future as its unprincipled management team continually disseminates an ... Byrne's claim is untrue. According to the first SEC comment letter cited by me,
CKX Inc., like Overstock.com improperly reconciled EBITDA to "income or loss from operations" a GAAP measure. However, both Overstock.com and ...
23 Nov, 2008 4:54 am
... CGG Veritas to change their non-compliant EBITDA measures to conform to Regulation G. CKX Inc., like Overstock.com, reconciled its non-compliant EBITDA measure to
operating income or loss (a GAAP number) but not to ... company changed its misleading disclosure. EBITDA is Used as a Measure of Valuation by Investors In a letter (page 18) to the
SEC, Overstock.com acknowledged: A multiple of EBITDA is currently the most standard measure of valuation in the industry. Various analyst reports issued by ...
18 Aug, 2008 3:31 am
... then made another $75 million from pumping and dumping Crazy Eddie, Inc. stock in the 1980s. Chief Deputy Attorney General Kirk Torgenson was a sponge. "When you ...
engagement to suggest that my office or I personally, endorse or support his accusations against Overstock.com or some other public company. Based on that warning, officials in
my office secured ... and appalled by Utah Attorney General Mark Shurtleff's letter and Overstock.com's follow up press release reiterating Shurtleff's lies. I called ...
23 Oct, 2008 12:55 am
... EBITDA that was not complaint with Regulation G, before I ask Patrick Byrne additional questions about Overstock.com's EBITDA calculations. CKX Inc. improperly
reconciled EBITDA to "income from operations" Like Overstock.com, CKX reconciled ... s reported EBITDA is overstated by the amount of loss from discontinued operations in certain
accounting periods. In addition, since Overstock.com improperly eliminates stock-based compensation costs from EBITDA, the company's reported EBITDA is overstated by ...
4 May 4:29 am
... of "$1.8 million relating to payments from partners who were underbilled earlier in the year." Therefore, Overstock.com cannot claim that there was a "significant uncertainty
as to collection" or that recovery was "not assured." No gain contingency existed. ... not meet these revenue recognition criteria. Note: Bold print and italics added by me.
Overstock.com "substantially accomplished what it must do to be entitled to the benefits represented by the revenues" since the fulfillment partners were " ...
28 Jul 5:36 pm
... create a cookie jar reserve to inflate future earnings. In its restatement of prior period financial reports, Overstock.com failed to include accruals of income for amounts
due to the company from underbilling its fulfillment partners for offsetting ... were already "contractually obligated to pay" such underbilled amounts. In addition, there was no
question that Overstock.com was owed money from its fulfillment partners and that the recovery of substantial amounts was assured. Therefore, no gain ...
8 Oct 8:55 pm
... My forensic accounting report to the Securities and Exchange Commission In my open letter to the SEC, I detailed how Overstock.com failed to comply with Generally Accepted
Accounting Principles (GAAP) in correcting its customer refund and credit errors ... restated to properly reflect when income was earned from underbilled fulfillment partners. From Q2
2007 to Q2 2008, Overstock.com materially overstated its financial performance by using a non-compliant EBITDA in violation of SEC Regulation G. ...
11 Jun, 2008 4:33 am
... the SEC does not preclude me from disagreeing with their actions and conclusions from time-to-time. In the specific case of Overstock.com, I respectfully disagree with the
SEC's no-action letters and I still adamantly believe that Overstock.com has ... us shall continue applying professional skepticism to the repeated unusual and misleading
disclosures by the Overstock spin machine. Copyright © 2008 Sequence Inc. All rights reserved. The use of this feed on other websites breaches copyright. If this ...
16 Apr, 2008 11:57 am
... firms and use litigation to retaliate against analysts who are critical of their business." Overstock sued Gradient and Rocker Partners in 2005, saying they were out ...
negative reports that were completely substantiated by the facts and the analysis. And guess what? Overstock sucked then, and it sucks now. In a company press release about the
new lawsuit ... s the exact same thing many, many people say about Patrick and Overstock. All of his conspiracy theories and Sith Lords… All the blaming of naked ...
28 May, 2008 8:35 am
... was materially overstated by $1.339 million or about 61%. And of course, that overstatement is in addition to the overstatement that results from Overstock.com calculating
EBITDA by starting with operating income, instead of net income, as required by the SEC rules. Some people erroneously ... calculations and disclosures (especially ones so basic) part
of your job? Copyright © 2008 Sequence Inc. All rights reserved. The use of this feed on other websites breaches copyright. If this content is not ...
10 Jul, 2008 6:44 pm
COURT RULES THAT GRADIENT ANALYTICS' CROSS-COMPLAINT MAY PROCEED AGAINST OVERSTOCK.COM, INC. ON ALL COUNTS AMENDED CLAIMS TO BE FILED AGAINST OVERSTOCK CEO PATRICK
BYRNE Scottsdale, July 10, 2008 Gradient Analytics, Inc. announced ... Byrne, have waged a malicious smear campaign against it in retaliation for Gradient's published opinions
concerning the quality of Overstock's earnings and other aspects of its business. Gradient is seeking compensatory and punitive damages against Overstock, as well ...
2 Nov, 2008 5:36 pm
... by Regulation G) and also improperly eliminates stock-based compensation costs from its reported EBITDA. Computations of Overstock.com's correct restated EBITDA in compliance
with Regulation G are provided below: EBITDA Computed in Compliance With Regulation G ( ... to Byrne's comment claiming that EBITDA is "interesting" when capital expenditures are
dropping. In addition, during Q3 2008, Overstock.com's capital expenditures of $8.8 million exceeded depreciation and amortization expenses of $5.6 ...
1 Apr 9:45 pm
... ,000 payment for the termination of consulting services to Icent LLC, a management consulting company headed by Mr. Joyce. Overstock.com left investors the mundane task of
finding out about the $1,250,000 termination payment by disclosing it in a ... SEC: On April 1, 2009 Mr. James V. Joyce resigned from his position as a member of the Board of Directors
of Overstock.com, Inc. (the "Company"). Mr. Joyce's resignation is not the result of a disagreement with the Company on any matter relating to the ...
9 Nov 8:49 pm
... to underbilled offsetting costs and reimbursements that were earned from its fulfillment partners in the corresponding periods. Instead, Overstock.com falsely claimed that a
"gain contingency" existed and improperly reported such income on a non ... financial reports to correct errors from underbilling its fulfillment partners and its overpayment to a
freight carrier. However, Overstock.com is stubbornly forcing the Securities and Exchange Commission to take enforcement action to make its financial ...
18 Jul, 2008 8:51 pm
... a specific calculation, which is "earnings before interest, taxes, depreciation, and amortization." Overstock.com and CEO Patrick Byrne have taken liberties with this number,
in violation of guidance provided ... 000 Actual EBITDA = ($428,000) Trailing twelve months ended June 30: Overstock's made up EBITDA = $9,621,000 Actual EBITDA = $5,055 ...
companies like Overstock.com can thumb their noses at SEC rules while the SEC drops investigations of such companies. Copyright © 2008 Sequence Inc. All rights ...
4 Jan, 2008 4:43 pm
... . After all, when high-level executives bail without warning from a sinking ship like Overstock, and there's no replacement to be had, there tends to be a bit of work to be
... the company's stock in a serious free-fall, there should be even more scrambling going on at Overstock. But Patrick Byrne, the CEO who has almost single-handedly run
Overstock ... and posting on message boards without disclosing his full name and affiliation with Overstock. Oh well… some things never change. Here's his latest on ...
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