SOURCE: Brower Piven, A Professional Corporation

April 26, 2011 17:43 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in Office Depot, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the June 6, 2011 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - Apr 26, 2011) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of Florida on behalf of purchasers of the common stock of Office Depot, Inc. ("Office Depot" or the "Company") (NYSE: ODP) during the period between July 27, 2010 and March 31, 2011, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than June 6, 2011 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that $80 million in carryback tax "benefits" Office Depot recognized during the Class Period for 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 such that that Office Depot's financial results were not reported in compliance with Generally Accepted Accounting Procedures ("GAAP") and Office Depot's financial statements overstated the Company's assets and profits in violation of GAAP. According to the complaint, after, on March 31, 2011, defendants issued a release entitled "Office Depot Announces Restatement of 2010 Financial Results Following Denial of Tax Claim," the value of Office Depot shares declined substantially.

If you have suffered a net loss for all transactions in Office Depot, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at, by email at, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    Email Contact