11th Circ. Kills Office Depot Shareholder Fight

Law360, New York (December 14, 2010, 6:18 PM EST) -- A federal appeals court has refused to revive a putative class action accusing Office Depot Inc. and two executives of perpetrating a huge financial fraud that lost billions of dollars in shareholder value, finding that a lower court was correct in dismissing the case for its failure to state a claim.

A three-judge panel for the U.S. Court of Appeals for the Eleventh Circuit upheld the dismissal of the second consolidated amended complaint on Monday, ruling that the plaintiffs' claims were "based entirely on speculation and...
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