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Overstock.com Auctions Continues to Build Trust in its Marketplace
SALT LAKE CITY, Aug. 12 /PRNewswire-FirstCall/ -- Overstock.com, Inc. (Nasdaq: OSTK) announced it has been dismissed from a recently filed lawsuit alleging patent infringement. The suit, brought by Transauction LLC against Overstock.com and four other internet auction companies, alleged infringement based on Overstock.com's use of a third party's auction bonding services on the Overstock.com auction site (http://auctions.overstock.com). These bonding services provided a means for auction sellers to bond for their performance in auctions conducted on Overstock.com's site. The plaintiff dismissed the suit when Overstock.com's bonding service provider resolved concerns with the plaintiff.
"It's nice to have this suit dismissed before we even filed an answer," said Overstock President, Jonathan Johnson. "We like to vigorously defend against unjust accusations of patent infringement, but when the provider of the product that is the subject of the infringement claims can resolve a matter, it saves us the trouble of a courtroom battle."
Overstock.com, Inc. is an online retailer offering brand-name merchandise at discount prices. The company offers its customers an opportunity to shop for bargains conveniently, while offering its suppliers an alternative inventory distribution channel. Overstock.com, headquartered in Salt Lake City, is a publicly traded company listed on the NASDAQ Global Market System and can be found online at http://www.overstock.com.
Overstock.com(R) is a registered trademark of Overstock.com, Inc. All other trademarks are the property of their respective owners.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, statements about the future offering of valuable services, including bonding services on our auction site. Our Form 10-K for the year ended December 31, 2007, our subsequent quarterly reports on Form 10-Q, or any amendments thereto, and our other subsequent filings with the Securities and Exchange Commission identify important factors that could cause our actual results to differ materially from those contained in our projections, estimates or forward-looking statements.
SOURCE Overstock.com, Inc.
both of Overstock.com, Inc.
Web site: http://www.overstock.com