Office Depot, SEC reach settlement

Delray Beach, Fla. Office Depot has reached a settlement with the Securities and Exchange Commission to resolve an inquiry about its communications with financial analysts and several other issues, according to the South Florida Business Journal.

However, CEO Steve Odland and two former employees also are facing notice from the SEC in Miami that they may face civil-enforcement actions, the report said.

Under the proposed settlement reached with SEC staff members, Office Depot has agreed to pay a civil penalty and to consent to a cease-and-desist order from committing or causing violations of the Securities Exchange Act of 1934 that require the maintenance of accurate books and records and internal controls.

The proposed settlement is contingent on review and approval of final documentation by the company and the SEC staff, and is subject to approval by SEC commissioners.