Overstock.com: We need even more time to file last year’s 10k

Perennial quarterly statement fabricator Overstock.com filed a FORM 12b-25: NOTIFICATION OF LATE FILING for its 2009 10K.  (Delisting soon to follow?)

Why is Overstock.com filing this this delay of its 401k at this late date? “Operational errors“are the starter, but the real issue is “material weaknesses in its internal control over financial reporting.” At least, that’s what Stephen J. Chesnut, their Senior Vice President, Finance and Risk Management.

Someone less eloquent than Mr.Chestnut would have called their accounting a steaming pile of fresh bullshit.

Me? I call the whole organization “reality challenged.” I deduce this due to their difficulties finding, retaining and then keeping auditors. Oh, and the massive campaign of misdirection, misinformation, pretexting and otherwise contemptible actions by a public firm.

My expectation is that we will eventually discover numerous other unsavory secrets at this little shop of creative accounting horrors.

I harbor no animus — I only wish that everyone involved in this firm gets what they deserve. No more, no less . . .

>

See also:
Overstock.com Fails to Celebrate Latest Fiasco
http://garyweiss.blogspot.com/2010/03/overstockcom-fails-to-celebrate-latest.html

Overstock Delays Filing 10-K; Finds Multiple Accounting Errors
http://blogs.barrons.com/techtraderdaily/2010/03/17/overstock-finds-multiple-accounting-errors-delays-filing-10-k/

Overstock.com Delays Filing 10-K, Reports Even More GAAP Violations, While Patrick Byrne Hides
http://whitecollarfraud.blogspot.com/2010/03/overstockcom-delays-filing-10-k-reports.html

Overstock.com, Inc. Draws Skeptical Speculation, Despite Short-Term Rally  (Shaeffers Research)

Print Friendly, PDF & Email

What's been said:

Discussions found on the web:

Read this next.

Posted Under

Uncategorized