OFFICE DEPOT FACES SHAREHOLDER LAWSUIT

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OFFICE DEPOT FACES SHAREHOLDER LAWSUIT

 user 2007-11-12 at 11:46:00 am Views: 58
  • #21214

    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.