Online retailer Overstock.com Inc. says the U.S. Securities and Exchange Commission is investigating the company’s previously announced restatements of its financial statements in 2006 and 2008. The online retailer says it will cooperate with the regulatory agency.
Overstock.com says the subpoena from the SEC covers documents related to the restatements and also to Overstock.com’s billings of its partners in the fourth quarter of 2008 and related collections, and the company’s accounting for and implementation of software relating to its accounting for customer refunds and credits.
"All of the matters that are the subject of the subpoena have been thoroughly disclosed and we are disappointed, given the extensive public disclosures Overstock has previously made, that the SEC, given all of the challenges it faces, has apparently chosen to expend time and resources on another investigation of Overstock," says Overstock.com chairman and CEO Patrick Byrne.
Overstock.com is No. 29 in the Internet Retailer Top 500 Guide.