The Securities and Exchange Commission has opened a formal investigation into OfficeMax Inc.'s accounting for vendor income, the company disclosed.
OfficeMax said Tuesday that the formal SEC probe arose from the office supply company's own internal investigation into its accounting for vendor income, which began in December 2004, when OfficeMax said that it received warnings from a vendor to its retail business that some employees acted inappropriately in requesting promotional payments and in falsifying supporting documentation.
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