According to the Cointelegraph, overstock’s interim CEO said in recent statements that Patrick Byrne’s departure from Overstock had nothing to do with the ongoing regulatory investigation.
Fox Business reported that Overstock’s interim CEO Jonathan Johnson is almost “asleep” because the investigation by the U.S. Securities and Exchange Commission (SEC) has not received any requests from authorities since December 2018. he expressed that he was.
However, Johnson explained that Overstock had not requested information from the SEC’s executive division for nearly a year.
Johnson also said the company spent a fortune to meet the requested information.
According to statements, Johnson met with SEC officials at the end of June to put an end to the investigation or at least get a better picture of the situation.
However, the company is still waiting for feedback from the U.S. Securities and Exchange Commission.
Meanwhile, Johnson said he felt the SEC was not active in the two-year-long issue.
The SEC investigation was first announced in mid-December by TZERO, Overstock’s cryptocurrency-linked organization. Following the investigative reports, Overstock’s shares recorded a significant decline, as reported on March 2018.
Then, in April, Overstock announced that it was postponing its second share sale. We shared the details on the subject with you in this news…
However, allegations were also raised that Byrne’s departure from Overstock was linked to the withdrawal of the company’s key investor, Makara Capital, from the partnership on August 26th.