CHICAGO, Feb. 16, 2005 (PRIMEZONE) -- Much Shelist Freed Denenberg Ament & Rubenstein, P.C. has a pending shareholder lawsuit against OfficeMax, Inc., and certain of its officers and directors, in the United States District Court for the Northern District of Illinois. The class action suit is on behalf of all persons or entities who purchased or otherwise acquired the securities of OfficeMax, Inc. (NYSE:OMX), formerly known as Boise Cascade Corporation, ("OfficeMax" or the "Company"), between January 22, 2004 and January 11, 2005, inclusive ("Class Period").
The Complaint alleges 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. On January 12, 2005, OfficeMax announced that Brian Anderson, executive vice president and chief financial officer, had resigned.
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.
Specifically, the Complaint alleges 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 February 14, 2005, OfficeMax announced the resignation of CEO, Christopher Milliken, and that it expects to restate its earnings for the first three quarters of 2004. Three high level executives have left the Company so far this year and six employees have been fired in the aftermath of these disclosures.
If you purchased OfficeMax or Boise Cascade Corporation securities between December 1, 2003 and January 11, 2005, 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 represents individual and institutional investors in class action, complex securities and corporate governance litigation. 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, successfully prosecuting 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.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca