Office Depot Duped Investors, Class Action Says

Law360, New York (April 6, 2011, 8:00 PM EDT) -- An investor hit Office Depot Inc. with a securities class action in Florida on Wednesday, alleging the company used tricky accounting to conceal its 2010 losses and inflate its stock price.

The complaint, lodged in the U.S. District Court for the Southern District of Florida, claims Office Depot and its senior management made false and misleading statements regarding the company’s performance and relied on bogus tax benefits to bolster its balance sheet.

Despite anemic sales, Office Depot appeared resurgent, claiming to have reduced losses through cost-saving...
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