Chalk One Up for Office Depot

Interesting press release about retracting statement about Office Depot that we found on Yahoo.

• Source: National Office Products Alliance (NOPA)
• On Monday September 28, 2009, 10:28 am EDT

The National Office Products Alliance (NOPA) is retracting a statement that it issued in a July 21 press release in which it referenced the allegation it made to the California Attorney General of ‘kickbacks’ NOPA claimed were made to U.S. Communities. NOPA acknowledges it has no knowledge of ‘kickbacks’ being paid to U.S. Communities nor does NOPA have knowledge of any investigation of U.S. Communities as an organization. It regrets that its statements may have suggested otherwise.

Accordingly, NOPA has removed the July 21 release from its website, along with testimony of one of its directors in the California legislature on August 19 that also referred to ‘kickbacks.

Our comments:
This has been an interesting run on the Office Depot Stock in the past six months. Buy on bad news and sell on good news.