Overstock (NASDAQ:OSTK) stock is tanking Tuesday as the company reported its third-quarter earnings.
The company’s third-quarter revenue rose 10.8% to $391.2 million, despite reporting a net loss due to spending $1.3 million in legal fees over an upcoming trial.
Overstock filed a lawsuit in 2007, accusing a number of Wall Street brokerage firms of manipulating OSTK stock through a process known as short selling, in which the firms sold shares they didn’t own.
Over the quarter, Overstock suffered a net loss of $2.07 million, or 8 cents per share, compared to last year’s profit of $1.62 million, or 7 cents per share in the same quarter.
OSTK stock is down 17.24% Tuesday.
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