Date: Monday March 3, 2008 02:02:49 pm
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SEC formalises Depot probe
MARCH 2008 – Delray Beach, FL, USAOffice Depot has admitted that the US Securities and Exchange commission (SEC) has opened a formal investigation over allegations that it violated SEC rules in 2007 by making a series of telephone calls to analysts before the publication of its results.The SEC had opened informal investigations last July following revelations that certain analysts had reportedly received information about Depot’s quarterly results before the rest of the market.Now Depot has said that formal proceedings commenced in January and that the SEC is looking at the company’s books.If found to have acted improperly, Depot risks financial penalties and may even have to restate earnings.
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