Office Depot Shares Plunge On Restatement (ODP)

Office Depot ODP is one of the worst performers on the New York Stock Exchange on Friday, losing 11.23% to $4.11. The company said that it will have to restate its financial results for 2010 after the IRS denied the company's claim to carry back certain tax losses to prior years. As a result of the denial of this claim, Office Depot's full-year tax benefit will be reduced by about $80 million and the net loss attributable to common shareholders goes to $82 million, or 30 cents a share, from the previously reported loss of $2 million, or 1 cent a share.