The financial gumshoes at the SEC have closed their investigation of Overstock.com and have concluded that no enforcement action is necessary. Naturally, former Arkham Asylum resident and current Overstock.com CEO Patrick Byrne sees this as a vindication:
"We are the ones who brought all these matters to light, we made the corrections, we fully disclosed these matters, and from the outset were confident that an investigation would not discover actionable conduct," Chairman and Chief Executive Patrick Byrne said in a press release. "Thus, we are pleased with this result."
It does seem like the Commission is doing the nice thing here since the numbers show that the company is more or less doomed. See you on the next go round.
Overstock: SEC Closes 2009 Probe; No Enforcement Action Recommended [Dow Jones]
Speaking at The Wall Street Journal’s annual CFO Network meeting in Washington D.C., Schapiro readily admitted that there isn’t a big push from either multinationals or shareholders to move to international financial reporting standards.
