updated 5/4/2011 2:25:01 AM ET 2011-05-04T06:25:01

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.

Milberg LLP has been representing individual and institutional investors for more than four decades and serves as lead counsel in federal and state courts throughout the United States. Please visit the Milberg website ( www.milberg.com ) for more information about the firm. If you wish to discuss this matter with us, or have any questions regarding this matter, please contact the following attorney: 

Andrei Rado, Esq.
Milberg LLP
One Pennsylvania Plaza, 49th Fl.
New York, NY 10119-0165
Phone number: (800) 320-5081
Email: arado@milberg.com

Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.

CONTACT: Milberg LLP
         (800) 320-5081

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 2.48%
$30K home equity loan FICO 5.80%
$75K home equity loan FICO 4.54%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.57%
13.57%
Cash Back Cards 17.91%
17.91%
Rewards Cards 17.15%
17.15%
Source: Bankrate.com