An investigation on behalf of investors in NASDAQ:ODP shares over potential wrongdoing at Office Depot was announced and NASDAQ:ODP stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/20/2016 -- An investigation on behalf of investors in NASDAQ:ODP shares was announced concerning possible breaches of fiduciary duties by certain directors at Office Depot.
Investors who purchased shares of Office Depot Inc (NASDAQ:ODP) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The investigation by a law firm concerns whether certain Office Depot officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
On February 4, 2015, Staples, Inc. (Nasdaq: SPLS) and Office Depot Inc (NASDAQ:ODP) announced that the companies have entered into an agreement under which Staples will acquire all of the outstanding shares of Office Depot Inc (NASDAQ:ODP).
Office Depot Inc reported that its Total Revenue declined from over $16.09 billion for the 52 weeks period that ended on December 27, 2014 to over $14.48 billion for the 52 weeks period that ended on December 26, 2015 and that its Net Loss of $354.00 million for the 52 weeks period that ended on December 27, 2014 turned into a Net Income to $8.00 million for the 52 weeks period that ended on December 26, 2015.
Shares of Office Depot Inc (NASDAQ:ODP) declined from $9.34 per share in May 2015 to as low as $3.22 per share on May 12, 2016.
On May 16, 2016, Office Depot, Inc.announced that the merger agreement between Staples, Inc. (NASDAQ: SPLS) and Office Depot has been terminated and that as a result, Office Depot will receive a cash payment from Staples of $250 million on May 19, 2016.
On June 16, 2016, NASDAQ:ODP shares closed at $3.28 per share.
Those who purchased shares of Office Depot Inc have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com