NEW YORK, May 3, 2011 (GLOBE NEWSWIRE) -- A class action lawsuit was filed on behalf of purchasers of the common stock of Office Depot, Inc. ("Office Depot") (NYSE:ODP) between July 27, 2010 and March 31, 2011.
The complaint accuses Office Depot of violations of the Securities Exchange Act of 1934. Specifically, the complaint alleges that the company did not disclose that $80 million in carryback tax "benefits" which Office Depot recognized during the second, third, and fourth quarters of 2010 were not permitted, and that $63 million in current tax receivables associated with the carryback amount should not have been reported on the company's balance sheet on December 25, 2010.
On March 31, 2011, Office Depot issued a release entitled "Office Depot Announces Restatement of 2010 Financial Results Following Denial of Tax Claim." On the following trading day, shares of Office Depot fell 9.07% to close at $4.21 per share on April 1, 2011.
If you are a member of the class, you may, no later than June 6, 2011, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision of whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions that could affect the overall recovery for class members. You do not need to contact us or retain individual counsel if you are a class member. If this action is certified as a class action, class members will be automatically represented by court-appointed counsel. The action discussed here was not filed by Milberg.
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