LOS ANGELES, Feb. 21, 2005 (PRIMEZONE) -- Notice is hereby given by Glancy Binkow & Goldberg LLP that a Class Action lawsuit was filed in the United States District Court for the Northern District of Illinois on behalf of a class (the "Class") consisting of all persons or entities who purchased or otherwise acquired securities of OfficeMax, Inc. ("OfficeMax" or the "Company")(NYSE:OMX) between January 22, 2004 and January 11, 2005, inclusive (the "Class Period"). OfficeMax was formerly known as Boise Cascade Corporation.
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges OfficeMax and certain of the Company's executive officers with violations of federal securities laws. Plaintiff claims defendants' omissions and material misrepresentations concerning OfficeMax's operations and financial performance artificially inflated the Company's stock price, inflicting damages on investors. OfficeMax is a multinational contract and retail distributor of office supplies, paper, technology products and office furniture. The Complaint alleges that during the Class Period defendants knowingly or recklessly misrepresented and failed to disclose the following material adverse facts: (a) for a period of at least two years, the Company fraudulently booked millions of dollars as legitimate sales; (b) the Company was using -- and manipulating its use of -- "vendor allowances" in order to manipulate the Company's earnings and timing of revenue recognition; (c) the Company's fourth quarter 2004 results and those beyond were being eroded by the Company's internal investigation costs and the halting of the Company's abusive vendor allowance scheme; (d) the Company lacked the necessary internal controls to insure all reported revenue complied with GAAP; and (e) the Company had entered into a long-term paper supply contract with Boise Cascade, LLC -- the Company's timber successor company -- which, unbeknownst to investors, was not commensurate with the market rate.
On January 12, 2005, OfficeMax issued a press release announcing the resignation of the Company's chief financial officer and noting that an ongoing Company investigation "has confirmed the claims by a vendor to its retail business that certain employees fabricated supporting documentation for approximately $3.3 million in claims billed to the vendor by OfficeMax during 2003 and 2004."
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than March 14, 2005, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca