Tuesday, March 16, 2010

Overstock.com Fails to Celebrate Latest Fiasco

My favorite corporate crime petri dish, Overstock.com, and its goofball CEO Patrick Byrne, have been laying low recently, as followers of these child-stalking douche bags waited anxiously for what has come to be known as the Quarterly Lie: Overstock's attempt every three months to fabricate profits out of red ink.

Today, in a filing that came about a half-hour before the drop-dead deadline, Overstock filed a form with the SEC asking for more time to file its 10-K for 2009, on the grounds that the need to restate every financial statement since Adam created a logistical problem for these poor dears. But not to worry, they expect to erect another mountain of profit out of sun-dried red ink.

No press release, no yipikaye, to celebrate this latest fiasco. But there is this gem:
Also in its 2009 Form 10-K, the Company plans to report material weaknesses in its internal control over financial reporting.
File that under "No shit, Sherlock."

The only problem (well, it's not the only problem, but I'm being rhetorical) is that this latest filing has more than a bit of a problem.

As for what that problem is, tune in tomorrow. Same time, same station, same douche bags.

UPDATE: The envelope, please. . .

© 2010 Gary Weiss. All rights reserved.

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