Updated from 2:52 p.m. EDTSAN FRANCISCO -- Shares of Office Depot ( ODP) plummeted 14% Monday after the retailer said it will delay its third-quarter earnings release because of a review into its vendor program. The Delray Beach, Fla.-based retailer was supposed to report its earnings on Tuesday. It has not yet set a new date for its release. The company put out a short, vague statement on Monday describing the review by its audit committee as relating "principally to the timing of the recognition of certain vendor program funds." An Office Depot representative declined to comment further. Office Depot's vendor program, a common practice in the retail industry, relates to the company receiving rebates from its suppliers for reaching sales milestones or for promoting certain products. Stephen Chick, an analyst for JPMorgan, downgraded the stock to neutral from overweight on Monday. He noted that "the lack of clarity regarding the issue for ODP and the potential level of materiality makes us nervous, despite a seemingly inexpensive stock price otherwise." Chick said he would remain sidelined on the stock "until there is more visibility into the audit committee's review and findings." Matthew Fassler, an analyst for Goldman Sachs, wrote in his research that he expects the review to be treated as a highly sensitive matter given Office Depot's significant margin expansion in the early part of Chief Executive Steve Odland's tenure. Odland took over as CEO in 2005. Fassler added, however, that it was "premature to assess the scope of any untoward practices, to attribute them to any individual, or to ascertain how long they have been developing."