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Office Depot, Inc. under Investor Investigation over possible Securities Laws Violations
The Shareholders Foundation announces that an investigation on behalf of investors of Office Depot, Inc. (Public, NYSE-ODP) was initiated and ODP stockholders and whistleblowers should email to firstname.lastname@example.org
If you purchased Office Depot, Inc. (Public, NYSE-ODP) shares, and/or if you have any information relating the investigation, you have certain options and you should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on potential violations of the federal securities laws in connection with certain financial statements.
Office Depot’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. 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 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.
Those who purchased Office Depot, Inc. (Public, NYSE-ODP) shares, and/or if you have any information relating the investigation, you have certain options and you should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
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The Shareholders Foundation, Inc. is an investor advocacy group. We do research related to shareholder issues and inform investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. At Shareholders Foundation, Inc. we are in contact with a large number of shareholders. We believe that together we can combine the interests of many investors, and use the size of our interest as leverage against the giant corporations. We offer help, support, and assistance for every shareholder. We help investors find answers to their questions and equitable solutions to their problems. The Shareholders Foundation, Inc. is not a law firm. The information