Overstock Says SEC Crypto Probe Threatens Business, ICO
- Shares plummet as retailer issues warning during earnings
- Investigation may have ‘material adverse effect,’ firm says
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Overstock.com Inc. didn’t disappoint the crowd of short sellers who bet against the online retailer ahead of its earnings report.
The shares plunged as much as 16 percent after the company, which has waded into cryptocurrencies, said that a previously disclosed U.S. Securities and Exchange Commission probe may hurt business and push back its initial coin offering.