SALT LAKE CITY, March 25, 2015 (GLOBE NEWSWIRE) -- The general counsel for Overstock.com, Inc. (Nasdaq:OSTK) testified today in Washington, D.C. at a hearing on Patent Reform: Protecting American Innovators and Job Creators from Abusive Patent Litigation. Congressman Bob Goodlatte, R-Va., chairman of the House Judiciary Committee, invited Mark Griffin, senior vice president and general counsel of Overstock.com, to make a statement before the Subcommittee on Courts, Intellectual Property and the Internet, today at 10 a.m. ET.
Griffin explained the issues that online shopping site, Overstock.com, has experienced in its history of fighting patent troll suits. He provided detail on the many victories won and the costs of those successes. "The only people who benefit from frivolous patent litigation are the trolls and their lawyers, and that benefit is not enumerated among the original aims of our patent system," Griffin said.
Griffin added that Overstock.com requests the pleading standards in patent litigation be raised, determinations be made between those selling the alleged infringing products and those manufacturing the products, a better discovery process with reasonable cost constraints, as well as better cost-shifting options for judges.
"This subject continues to get a lot of attention," said Griffin. "It is a crippling problem and a solution needs to finally be agreed upon."
Overstock.com has regularly praised Utah's senators, Orrin Hatch and Mike Lee, and other likeminded senators and House members in this fight.
Overstock.com, Inc. (Nasdaq:OSTK) is an online shopping retailer based in Salt Lake City, Utah that sells a broad range of products at low prices including furniture, rugs, bedding, electronics, clothing, and jewelry. Worldstock.com is a fair trade department dedicated to selling artisan-crafted products from around the world whereas Main Street Revolution supports small businesses across the U.S. by providing them a national customer base. Overstock has additional community-focused initiatives such as a Farmers Market and pet adoption service. Forbes ranked Overstock in its list of the Top 100 Most Trustworthy Companies in 2014. Overstock sells internationally under the name O.co. Overstock Shopping (http://www.overstock.com and http://www.o.co) regularly posts information about the company and other related matters under Investor Relations on its website.
O, Overstock.com, O.com, O.co, Club O, Main Street Revolution, Worldstock Fair Trade, Worldstock, and OVillage are registered trademarks. O.biz, Club O Dollars,and OGlobal are trademarks of Overstock.com, Inc. The Overstock.com, Club O, and Worldstock Fair Trade logos are also registered trademarks of Overstock.com, Inc. Other service marks, trademarks and trade names which may be referred to herein are the property of their respective owners.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, statements other than statements of historical fact. Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in the Company's Form 10-K for the year ended Dec. 31, 2014, which was filed with the SEC on March 12, 2015, and any subsequent filings with the SEC.