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 user 2007-11-12 at 11:45:00 am Views: 76
  • #21132

    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.