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Office Depot Inc (NYSE: ODP) Investor Securities Class Action Lawsuit 04/06/2011

  • If you purchased shares of Office Depot Inc (NYSE: ODP), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
Office Depot
Security
NYSE: ODP

Case Name
Office Depot Shareholder Class Action Lawsuit 04/06/2011
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of Florida

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

July 31, 2012 - The court ordered to close the case.
May 24, 2012 - The court granted defendants' motion to dismiss without prejudice.

November 7, 2011 - Defendants filed a motion to dismiss.

September 6, 2011 - The lead plaintiff filed an amended complaint.

July 5, 2011 - Lead plaintiff and lead counsel were appointed.

June 6, 2011 - Lead plaintiff motions were filed.

April 6, 2011 - An investor in Office Depot Inc (NYSE: ODP) shares filed a lawsuit in the U.S. District Court for the Southern District of Florida against Office Depot Inc over alleged violations of Federal Securities Laws.

According to the complaint the plaintiff alleges that Office Depot Inc and certain of its officers and directors violated the Securities Exchange Act of 1934 by overstating Office Depot Inc's profits and the value of Office Depot Inc’s assets in violation of Generally Accepted Accounting Principles ( GAAP ).

Office Depot Inc’s 12months Total Revenue went from $15.527billion to $11.633billion. Its Net Income went from a Net Income of $295.62million in 2007 to a Net Loss of $1.478billion in 2008 to a Net Loss of $596.47million in 2009 to a Net Income of $34.89million in 2010.

Shares of Office Depot Inc (NYSE: ODP) traded as high as $43.64 during 2006 and fell in 2009 to as low as $0.68 per share in 2009. During 2010 ODP shares regained some value and traded as high as $8.45 per share, roughly 20% of the highest value during 06. During the first months in 2011 ODP shares fell from over $6 to $4.72 on March 28, 2011.

Then on March 31, 2011, after the markets closed, Office Depot Inc issued a press release announcing that the Internal Revenue Service had denied its claim to carry back certain tax losses to prior tax years. As a result, the Company is restating the fiscal year ended December 25, 2010 and the quarters ended June 26, 2010 and September 25, 2010. The adjustment is expected to change its previously reported full-year 2010 net earnings of $33 million to a net loss of $46 million and increase the net loss attributable to common shareholders to $82 million, or 30 cents a share, from $2 million, or a penny a share. Additionally, a $63 million current tax receivable associated with the carry back amount will be removed from the balance sheet, resulting in an adverse impact to its 2011 operating cash flow.

Shares of Office Depot Inc fell to $3.78 per share during April 1 trading.