updated 4/15/2011 4:47:22 PM ET 2011-04-15T20:47:22

NEW YORK, April 15, 2011 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP is investigating claims on behalf of investors of Office Depot, Inc. ("Office Depot" or the "Company") (NYSE:ODP) during the period from July 27, 2010 – March 31, 2011 (the "Class Period"). Such investors are advised to contact Rachelle R. Boyle at rrboyle@pomlaw.com or 888-476-6529, ext. 237.

Office Depot is a global supplier of office products and services. Specifically, the investigation concerns, among other things, whether the Company overstated its earnings by improperly recognizing carryback tax "benefits" in the second, third, and fourth quarters of 2010.

On March 31, 2011, the Company disclosed that the Internal Revenue Service had rejected significant carry-back tax "benefits" the Company had claimed in 2010, requiring that the Company restate its previously reported financial results for the above reporting periods. On this news, Office Depot shares fell 9%, to close at $4.21 per share on April 1, 2011.

The Pomerantz Firm, with offices in New York, Chicago, and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com .

CONTACT:  Rachelle R. Boyle
          Pomerantz Haudek Grossman & Gross LLP
          888-476-6529 (ext. 237)
          rrboyle@pomlaw.com

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

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