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Office Depot faces shareholder suit
A
local law firm has filed a suit against Office Depot on behalf of its
shareholders, alleging violations of federal securities laws.Office Depot did not comment.
According
to the suit, filed by Boca Raton-based Saxena White P.A. in the U.S.
District Court for the Southern District of Florida, Office Depot
issued false and misleading statement regarding its positive financial
results, the strength of its assets and prospects for future growth.
Then, on Oct. 29, the Delray Beach-based office supply company said it
delayed the release of its third quarter earnings because of an
independent review by the audit committee of its vendor program funds
concerning the timing of revenue recognition and the accounting for
certain vendor payments.This resulted in Office Depot stock falling 14
points – to a 52-week low of $16.51.The suit seeks class action status
and damages on behalf of all investors who bought Office Depot stock
between April 26, 2006, and Oct. 26, 2007.Shares closed down 38 cents
to $17.85. The 52-week high was $42.52 on Nov. 15, 2006. The 52-week
low was $16.51 on Oct. 29.
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