Why Did Patrick Byrne Just Unload $3 Million in Overstock Shares?
Things that make you go hmmm... it's not at all suspicious that Patrick Byrne just unloaded 140,000 shares of Overstock, right?
The most popular theory so far?
Gary Weiss and Barry Ritholtz think he might be proactively funding an SEC settlement. As if the SEC is going to grow a pair any time soon.
Sam Antar via White Collar Fraud:
Amidst an ongoing Securities and Exchange Commission investigation into financial reporting violations by Overstock.com (NASDAQ: OSTK), CEO Patrick Byrne's 100% controlled High Plains Investments LLC dumped 140,000 company shares and collected over $3 million in proceeds during the last several days, according to SEC filings. This marks the first time that Patrick Byrne has ever sold any Overstock.com shares under his control, not a bullish signal to investors.
We'll take what's behind door number 2, Monty. Run, Patrick, run!