Cohen, Milstein, Hausfeld & Toll, P.L.L.C. Announces Class Action Lawsuit Against OfficeMax, Inc

Business Wire, Feb 8, 2005

WASHINGTON, D.C. -- The law firm of Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has filed a lawsuit on behalf of its client and on behalf of other similarly situated purchasers of the securities of OfficeMax, Inc. (Nasdaq:OMX - News; "OfficeMax" or the "Company") from January 22, 2004 through January 11, 2005, inclusive (the "Class Period"), in the United States District Court for the Northern District of Illinois.

The complaint names as defendants OfficeMax, George Harad (Chairman of the OfficeMax Board of Directors), Christopher Milliken (OfficeMax Chief Executive Officer), and Ted Crumley (OfficeMax Chief Financial Officer). The Complaint alleges that, during the Class Period, defendants made materially false and misleading statements with respect to OfficeMax's financial performance and internal controls. On December 20, 2004, the Company announced that it had launched an internal investigation into vendor claims, "that certain employees acted inappropriately in requesting promotional payments and in falsifying supporting documentation for approximately $3.3 million in claims billed to the vendor by OfficeMax during 2003 and 2004."

The complaint further alleges that on January 11, 2005, defendants announced that: (a) the Company's recently appointed Chief Financial Officer, Brian Anderson, had resigned; (b) the Company was postponing the release of its earnings for the fourth quarter and full year 2004 pending the conclusion of an investigation into issues relating to its accounting for vendor income; (c) the company's investigation had confirmed the claims by a vendor to its retail business that certain employees fabricated supporting documentation for approximately $3.3 million in claims billed to the vendor by OfficeMax during 2004 and 2003; (d) the Company was expanding its investigation into vendor rebates and revenue recognition; and (e) the Company had terminated four employees as a result of information discovered through its investigation. On this news, the Company's stock fell $1.42, or 4.7%, to $28.88.

If you purchased or acquired OfficeMax securities during the Class Period, you may, no later than March 14, 2005, move the court to be appointed as Lead Plaintiff. There are certain legal requirements to serve as Lead Plaintiff.

Any member of the purported class may move the court to serve as Lead Plaintiff through counsel of their choice or may choose to remain an absent class member. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as Lead Plaintiff. To be a member of the class, you need not take any action at this time.

Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has significant experience in prosecuting investor class actions and actions involving securities fraud. The firm has offices in Washington, D.C., New York and Chicago, and is active in major litigation pending in federal and state courts throughout the nation. You may visit the firm's website at www.cmht.com.

The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total in the billions of dollars.

If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:

Steven J. Toll, Esq.

Robert Smits

Cohen, Milstein, Hausfeld & Toll, P.L.L.C.

1100 New York Avenue, N.W.

West Tower B Suite 500

Washington, D.C. 20005

Telephone: (888) 240-0775 or (202) 408-4600

E-mail: stoll@cmht.com or rsmits@cmht.com