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Case Status:    DISMISSED    
On or around 07/31/2012 (Court's order of dismissal)

Filing Date: April 06, 2011

According to a press release dated April 6, 2011, the complaint filed in the action charges that, during the Class Period, Office Depot and certain of its officers and directors overstated the Company's profits and the value of the Company's assets in violation of Generally Accepted Accounting Principles ("GAAP").

As alleged in the complaint, Office Depot shocked the market on March 31, 2011 when it disclosed that the IRS had rejected significant carry-back tax "benefits" the Company had claimed in the 2Q, 3Q, 4Q and FY 2010, requiring that the Company restate its previously reported financial results for those reporting periods.

Rather than the net earnings of $33 million Office Depot had previously reported for fiscal 2010, the Company would report a net loss of $46 million and increase the net loss attributable to common shareholders from $2 million to $82 million. Additionally, the $63 million current tax receivable associated with the purported tax carry-back benefit would be removed from the Company's balance sheet, which was expected to significantly reduce anticipated 2011 operating cash flow.

As alleged in the complaint, Office Depot's Chief Financial Officer admitted that Office Depot had been in discussions with its tax advisors about the viability of carrying back certain net operating tax losses to prior tax years under economic stimulus-based tax legislation enacted in 2009 throughout the Class Period. None of this had been disclosed to investors though.

On the news that Office Depot's 2Q, 3Q and 4Q 2010 earnings reports were false and misleading, its assets were overstated, and its 2011 financial results would be adversely impacted, Office Depot's stock price plummeted, closing at $4.21 on April 1, 2011.

On July 5, 2011, the Court issued an order appointing Central Laborers’ Pension Fund lead plaintiff and approving Robbins Geller Rudman & Dowd LLP as lead counsel.

On September 6, 2011, the Lead Plaintiff filed an Amended Complaint including allegations of violations of Sections 10(b) and 20(a) of the Exchange Act of 1934.

On May 23, 2012, the Court issued an order granting defendants' motion to dismiss. Plaintiffs were permitted 20 days from the date of this order to file a second amended complaint. On July 31, 2012, the Court issued an order closing this case due to plaintiffs' failure to file the second amended complaint.

COMPANY INFORMATION:

Sector: Services
Industry: Retail (Specialty)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ODP
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. Florida
DOCKET #: 11-CV-80364
JUDGE: Hon. Kenneth L. Ryskamp
DATE FILED: 04/06/2011
CLASS PERIOD START: 07/27/2010
CLASS PERIOD END: 03/31/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (Boca Raton)
    120 East Palmetto Park Road, Suite 500, Robbins Geller Rudman & Dowd LLP (Boca Raton), FL 33432
    561.750.3000 561.750.3364 ·
  2. Scott & Scott LLP (New York-Current)
    500 Fifth Avenue, 40th Floor, Scott & Scott LLP (New York-Current), NY 10110
    212.223.6444 212.223.6334 ·
  3. Scott & Scott LLP (San Diego)
    600 B Street, Suite 1500, Scott & Scott LLP (San Diego), CA 92101
    619.233.4565 619.233.4565 · scottlaw@scott-scott.com
  4. Zeldes Haeggquist & Eck, LLP
    625 Broadway, Suite 1000, Zeldes Haeggquist & Eck, LLP, CA 92101
    619.378.0442 619.342.7878 ·
No Document Title Filing Date
COURT: S.D. Florida
DOCKET #: 11-CV-80364
JUDGE: Hon. Kenneth L. Ryskamp
DATE FILED: 09/06/2011
CLASS PERIOD START: 07/27/2010
CLASS PERIOD END: 03/31/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cavanagh & O'Hara
    407 East Adams Street, Cavanagh & O'Hara, IL 62701
    217.544.1771 217.544.1771 ·
  2. Robbins Geller Rudman & Dowd LLP (Boca Raton)
    120 East Palmetto Park Road, Suite 500, Robbins Geller Rudman & Dowd LLP (Boca Raton), FL 33432
    561.750.3000 561.750.3364 ·
No Document Title Filing Date