| Company: | Office Depot, Inc. |
| Ticker Symbol: | NYSE: ODP |
| Class Period: | April 26, 2006 to October 26, 2007 |
| Date Filed: | Nov-05-07 |
| Lead Plaintiff Deadline: | Jan-04-08 |
| Court: | Southern District, FL |
| Allegations: |
A class action suit has been filed on behalf of shareholders against Office Depot, Inc. ("Office Depot" or "the Company") (NYSE: ODP) in the United States District Court for the Southern District of Florida.
The complaint seeks damages for violations of federal securities laws on behalf of all investors who acquired Office Depot securities between April 26, 2006 and October 26, 2007, inclusive (the "Class Period").
On October 29, 2007, Office Depot announced that it had delayed the release of third quarter 2007 earnings due to an independent review by the Audit Committee of the Company's vendor program funds. The review concerns the timing of revenue recognition and the accounting for certain vendor payments. As a result of the announcement, Office Depot's stock price plunged 14 percent in the largest stock price decline for the Company since May of 2000. Indeed, the full extent and magnitude of investors' losses is still unknown, since the details of Office Depot's accounting improprieties have yet to be revealed. In the wake of the news, analysts have raised serious questions concerning the integrity of the Company's financial statements and the valuation of the stock.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The complaint seeks damages for violations of federal securities laws on behalf of all investors who acquired Office Depot securities between April 26, 2006 and October 26, 2007, inclusive (the "Class Period").
On October 29, 2007, Office Depot announced that it had delayed the release of third quarter 2007 earnings due to an independent review by the Audit Committee of the Company's vendor program funds. The review concerns the timing of revenue recognition and the accounting for certain vendor payments. As a result of the announcement, Office Depot's stock price plunged 14 percent in the largest stock price decline for the Company since May of 2000. Indeed, the full extent and magnitude of investors' losses is still unknown, since the details of Office Depot's accounting improprieties have yet to be revealed. In the wake of the news, analysts have raised serious questions concerning the integrity of the Company's financial statements and the valuation of the stock.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
