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Office Depot Inc. has agreed to pay $1 million to settle federal charges that it overstated earnings and shared information with a select group that it failed to include in public filings.
The Securities and Exchange Commission on Thursday announced the settlement with Office Depot, which neither admitted nor denied the allegations.
The company was accused of overstating earnings in mid-2006 through mid-2007. It also was accused of letting a select group of investors and analysts know that it wouldn’t meet earnings estimates for the second quarter of 2007.
In addition to the company fine, chief executive Stephen Odland and former chief financial officer Patricia McKay agreed to pay civil penalties of $50,000 in connection with the charges for sharing information.
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