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ARTICLE · 09 NOVEMBER 2010

Office Depot Settlement Highlights Fair Disclosure Requirements

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On October 21, 2010, Office Depot Inc. and the US Securities Exchange Commission (Commission) announced a settlement of enforcement actions against the company, its CEO, and its ex-CFO.

United StatesEnvironment
Joseph De Simone
Joseph De Simone
John Tharp, Jr.
John Tharp, Jr.
S. Christopher Provenzano
S. Christopher Provenzano
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Originally published November 1, 2010

Keywords: SEC, settlement, enforcement actions, Office Depot, Regulation FD, Exchange Act

On October 21, 2010, Office Depot Inc. and the US Securities Exchange Commission (Commission) announced a settlement of enforcement actions against the company, its CEO, and its ex-CFO. Office Depot agreed to settle the action for $1 million. The two executives also agreed to pay $50,000 each. The Commission found that Office Depot's CEO and its then-CFO directed selective communications to analysts intending to signal that the company would not meet expectations in the second quarter of 2007. Later, when analysts began to question the lack of public disclosure, Office Depot's CEO instructed the company's director of investor relations to call the company's largest institutional investors and convey the same information. These one-on-one calls with selected analysts and investors violated Regulation FD and Section 13(a) of the Securities

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