Office Depot delays earnings release

DELRAY BEACH, Fla. Office Depot Monday, announced that it will delay the release of its third quarter earnings, originally scheduled for today, due to an audit review.

According to the company, its audit committee conducted an independent review of the company's vendor program funds. The review relates principally to the timing of the recognition of certain vendor program funds.

Following the news of its earnings delay analysts lowered their ratings for Office Depot, according to reports. This caused the company's stock to fall 14.1%, or $2.86, to $17.43 on Monday.