CHICAGO, Jan. 14, 2005 (PRIMEZONE) -- Much Shelist Freed Denenberg Ament & Rubenstein, P.C. announces that a class action lawsuit is pending in the United States District Court for the Northern District of Illinois on behalf of purchasers of the securities of OfficeMax, Inc. (NYSE:OMX) ("OfficeMax" or the "Company") between January 22, 2004 and January 11, 2005, inclusive ("Class Period").
It has been alleged that OfficeMax, along with George Harad, Christopher Milliken and Theodore Crumley ("Individual Defendants"), violated the federal securities laws by issuing a series of materially false and misleading statements to the market. These misstatements have had the effect of artificially inflating the market price of OfficeMax's securities.
Much Shelist is currently investigating these claims. If you wish to discuss your rights and interests, or if you have information relevant to the lawsuit, you may contact Carol V. Gilden or Conor R. Crowley at Much Shelist Freed Denenberg Ament & Rubenstein, P.C., by calling a toll-free number 1-800-470-6824, or by sending an e-mail to investorhelp@muchshelist.com. Your e-mail should refer to OfficeMax.
It has been further alleged that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that certain employees of the Company fabricated supporting documentation for approximately $3.3 million in claims billed to a vendor of OfficeMax during 2003 and 2004; (2) that the Company improperly timed the recognition of recorded rebates and other such payments from vendors; (3) that the Company's financial results were in violation of Generally Accepted Accounting Principles ("GAAP"); (4) that the Company lacked adequate internal controls; and (5) that as a result of the above, the Company's financial results were materially inflated at all relevant times.
On January 12, 2005, OfficeMax announced that Brian Anderson, executive vice president and chief financial officer, had resigned. Theodore Crumley, the former chief financial officer of OfficeMax, will return to that position on an interim basis. Furthermore, OfficeMax announced that it would postpone the release of its earnings for the fourth quarter and full year 2004, pending the conclusion of an internal investigation into issues relating to its accounting for vendor income.
If you purchased OfficeMax's securities during the Class Period and if you meet certain other legal requirements, you may file a motion in the court where the lawsuit has been filed to serve as a lead plaintiff. You must file your motion no later than March 14, 2005.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. The requirements for serving as a lead plaintiff are set forth in the Private Securities Litigation Reform Act of 1995 (15 U.S.C. Section 78u-4).
Much Shelist's history is one of experience, leadership and results. For more than 25 years, Much Shelist has represented plaintiffs in class action litigation in federal and state courts across the United States. The firm has successfully prosecuted cases involving securities fraud, antitrust violations, consumer fraud, unlawful business practices and insurance company fraud. Under Much Shelist's leadership, class members have obtained judgments and settlements in excess of $4 billion.