Monday, April 4, 2011

Office Depot (NYSE: ODP) Investigated by Class Action Law Firm

Office Depot (NYSE:ODP) had barely revealed the news it would have to restate a $33 million profit as a $46 million loss when the class action law firm Zeldes & Haeggquist LLP, based in San Diego, launched an investigation into the company.

According to the law firm, they are investigating into possible breaches of fiduciary duty and other violations of law by specific officers and directors at office supply retailer.

What is being determined is whether or not officers and directors at Office Depot resulted in the company having to issue materially false and misleading statements regarding financial results and whether they breached their fiduciary duties – specifically in reference to tax loss carry-backs that were rejected by the IRS.

Boasts of the law firm on its website is it has been involved in class action action against Apple (NASDAQ:AAPL) and Sony Electronics (NYSE:SNE), among others.

Office Depot closed Friday at $4.21, falling $0.42, or 9.07 percent.

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