June 16, 2016 (Shareholders Foundation) - An investigation on behalf of current long-term investors in shares of Office Depot Inc (NASDAQ:ODP) was announced over potential breaches of fiduciary duties by certain officers and directors at Office Depot.

The investigation by a law firm concerns whether certain Office Depot officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.

On February 4, 2015, Staples, Inc. (Nasdaq: SPLS) and Office Depot Inc (NASDAQ:ODP) announced that the companies have entered into an agreement under which Staples will acquire all of the outstanding shares of Office Depot Inc (NASDAQ:ODP).

Office Depot Inc reported that its Total Revenue declined from over $16.09 billion for the 52 weeks period that ended on December 27, 2014 to over $14.48 billion for the 52 weeks period that ended on December 26, 2015 and that its Net Loss of $354.00 million for the 52 weeks period that ended on December 27, 2014 turned into a Net Income o $8.00 million for the 52 weeks period that ended on December 26, 2015.

Shares of Office Depot Inc (NASDAQ:ODP) declined from $9.34 per share in May 2015 to as low as $3.22 per share on May 12, 2016.

On May 16, 2016, Office Depot, Inc. (NASDAQ: ODP) announced that the merger agreement between Staples, Inc. (NASDAQ: SPLS) and Office Depot has been terminated and that as a result, Office Depot will receive a cash payment from Staples of $250 million on May 19, 2016.

On June 16, 2016, NASDAQ:ODP shares closed at $3.28 per share.