Why Overstock.com's Shares Fell 11% This Morning
Shares of Overstock.com (NASDAQ: OSTK) fell as much as 10.7% on Monday morning, recovering to a 9.7% drop at noon, EDT. The longtime e-commerce specialist held a conference call before market open to discuss the ramifications of last week's leadership shakeup, and investors generally didn't like what they were hearing.
Founder and CEO Patrick Byrne left Overstock last week under seemingly scandalous circumstances. Byrne published a press release on Monday to confirm that he had been involved in high-profile FBI probes involving Russia, Hillary Clinton, and the so-called deep state. He stepped down from every function of company leadership on Thursday, handing over the reins to interim CEO Jonathan Johnson.
Johnson held a conference call early Monday morning to update Overstock's investors on what the new leadership situation will mean. In short, not much is changing, and that message wasn't popular with the company's shareholders today.
Source Fool.com
