CORAL SPRINGS, Fla., Feb. 14, 2005 (PRIMEZONE) -- The law firm of Mager White & Goldstein, LLP announces that a class action lawsuit has been filed in the United States District Court for the Northern District of Illinois on behalf of all persons who purchased securities of OfficeMax Inc. ("OfficeMax" or the "Company") (NYSE:OMX) between January 22, 2004 and January 11, 2005 (the "Class Period").
The Complaint alleges that OfficeMax and certain of its officers and directors issued false and misleading statements regarding the Company's earnings, thereby violating the Securities Exchange Act of 1934. It further alleges that the defendants recklessly disregarded, concealed or misrepresented the following facts from the investing public: 1) for at least two years, millions of dollars of sales were fraudulently recorded as legitimate; 2) the Company was using monies paid by suppliers (e.g., for promotions, discounts and rebates) to manipulate the Company's earnings; and 3) the Company lacked internal controls, resulting in revenue reports that violated Generally Accepted Accounting Principles ("GAAP").
As a result, OfficeMax shares were materially inflated during the Class Period. On December 16, 2004, the share price had increased to $32.52, whereby the Company's top officers and directors arranged to sell nearly $1.5 billion worth of the Company's notes.
On January 12, 2005, OfficeMax announced that its chief financial officer had resigned. Further, OfficeMax stated that it would postpone the release of its fourth quarter and full-year 2004 earnings pending the conclusion of an internal investigation relating to its accounting for vendor income.
If you purchased OfficeMax securities between January 22, 2004 and January 11, 2005, and sustained damages, you may, no later than March 14, 2005, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative who acts on behalf of other class members in directing the litigation. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not affected by whether or not you serve as lead plaintiff. You may retain Mager White & Goldstein, LLP, or other counsel, to represent you.
Mager White & Goldstein has offices in Pennsylvania and Florida. The firm's attorneys have been litigating complex commercial matters for over twenty years. The firm concentrates its practice in the areas of complex commercial litigation with emphasis on securities, antitrust, consumer protection, employment, civil rights and ERISA individual and class actions, as well as labor and employment advice, Lanham Act, trade disparagement, and other types of business tort litigation. Please visit the Mager White & Goldstein website (http://www.mwglawfirm.com) for more information about the firm.
If you wish to discuss the lawsuit against OfficeMax with us, or have any questions about this notice or your rights and interests regarding this case, please contact the following attorney:
Jayne Arnold Goldstein 2825 University Drive, Suite 350 Coral Springs, FL 33065 954-341-0844 866-274-8258 Toll Free Email: jgoldstein@mwg-law.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca