SOURCE: Izard Nobel LLP

April 07, 2011 17:05 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Office Depot, Inc.

WEST HARTFORD, CT--(Marketwire - April 7, 2011) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of Florida on behalf of purchasers of the publicly traded securities of Office Depot, Inc. ("Office Depot" or the "Company") (NYSE: ODP) between July 27, 2010 and March 31, 2011, inclusive (the "Class Period"). 

The Complaint charges Office Depot and certain of its officers and directors violated federal securities laws. Specifically, the Complaint alleges that defendants failed to disclose the following material adverse facts: (i) 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; (ii) 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; (iii) that Office Depot's financial results were not reported in compliance with Generally Accepted Accounting Principles ("GAAP"); (iv) that Office Depot's financial statements overstated the Company's assets and profits in violation of GAAP; and (v) that defendants overstated Office Depot's business and financial metrics.

On March 31, 2011, defendants issued a release entitled "Office Depot Announces Restatement of 2010 Financial Results Following Denial of Tax Claim." On this news, the price of Office Depot shares declined substantially.

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 whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/officedepot/, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

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