| Company: | OfficeMax Inc. |
| Ticker Symbol: | NYSE: OMX |
| Class Period: | November 9, 2004 to January 11, 2005 |
| Date Filed: | Jan-13-05 |
| Lead Plaintiff Deadline: | Mar-11-05 |
| Court: | Northern District, IL |
| Allegations: |
A class action has been commenced in the United States District Court for the Northern District of Illinois on behalf of purchasers of OfficeMax Inc. ("OfficeMax") (NYSE:OMX) publicly traded securities during the period between November 9, 2004 and January 11, 2005 (the "Class Period").
The complaint charges OfficeMax and certain of its officers and directors with violations of the Securities Exchange Act of 1934. OfficeMax, formerly Boise Cascade Corporation, is a multinational contract and retail distributor of office supplies and paper, technology products and office furniture.
The complaint alleges that during the Class Period, defendants made false and misleading statements regarding the Company's earnings. The true facts, which were known by each of the defendants but concealed from the investing public during the Class Period, were as follows: (a) that for a period of at least two years, millions of dollars worth of the Company's sales were fraudulently booked as legitimate sales; (b) that the Company was using (and manipulating its use of) "vendor allowances" (monies paid by suppliers for promotions, prime shelf space, discounts and rebates) in order to manipulate the Company's earnings and timing of revenue recognition; (c) that the Company's Q4 2004 results and those beyond were being eroded by the Company's internal investigation costs and the halting of the Company's abusive vendor allowance scheme; (d) that the Company lacked the necessary internal controls to insure all revenue reported complied with generally accepted accounting principles; and (e) that the Company had entered into a long term-paper supply contract with Boise Cascade, LLC, which, unbeknownst to investors, was not commensurate with the market rate. As a result of defendants' false statements, OfficeMax shares traded at inflated levels during the Class Period, increasing to as high as $32.52 on December 16, 2004, whereby the Company's top officers and directors arranged to sell nearly $1.5 billion worth of the Company's notes.
On January 12, 2005, OfficeMax announced that its chief financial officer had resigned and that it would postpone the release of its earnings for the fourth quarter and full year 2004, pending the conclusion of an internal investigation into issues relating to its accounting for vendor income.
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 charges OfficeMax and certain of its officers and directors with violations of the Securities Exchange Act of 1934. OfficeMax, formerly Boise Cascade Corporation, is a multinational contract and retail distributor of office supplies and paper, technology products and office furniture.
The complaint alleges that during the Class Period, defendants made false and misleading statements regarding the Company's earnings. The true facts, which were known by each of the defendants but concealed from the investing public during the Class Period, were as follows: (a) that for a period of at least two years, millions of dollars worth of the Company's sales were fraudulently booked as legitimate sales; (b) that the Company was using (and manipulating its use of) "vendor allowances" (monies paid by suppliers for promotions, prime shelf space, discounts and rebates) in order to manipulate the Company's earnings and timing of revenue recognition; (c) that the Company's Q4 2004 results and those beyond were being eroded by the Company's internal investigation costs and the halting of the Company's abusive vendor allowance scheme; (d) that the Company lacked the necessary internal controls to insure all revenue reported complied with generally accepted accounting principles; and (e) that the Company had entered into a long term-paper supply contract with Boise Cascade, LLC, which, unbeknownst to investors, was not commensurate with the market rate. As a result of defendants' false statements, OfficeMax shares traded at inflated levels during the Class Period, increasing to as high as $32.52 on December 16, 2004, whereby the Company's top officers and directors arranged to sell nearly $1.5 billion worth of the Company's notes.
On January 12, 2005, OfficeMax announced that its chief financial officer had resigned and that it would postpone the release of its earnings for the fourth quarter and full year 2004, pending the conclusion of an internal investigation into issues relating to its accounting for vendor income.
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.
Register your OfficeMax Inc. NYSE: OMX Case
If you feel you qualify for damages or remedies that might be awarded in an OfficeMax Inc. NYSE: OMX class action or lawysuit, please fill in our form on the right to submit your complaint.
