On July 29, 2013, Barnes t Noble, Inc. (“Barnes t Noble” or the “Company”) (NYSE: BKS) restated its financial results. Following this news, shares of the Company’s common stock price declined by $0.85 per share, or 4.6%, to close at $17.56 per share on July 29, 2013.
Then, on December 6, 2013, Barnes t Noble revealed that the Securities t Exchange Commission (“SEC”) has begun an investigation into the Company’s restatement of earnings announced on July 29, 2013. The SEC investigation is also looking into a former non-executive employee’s allegation that the Company improperly allocated certain expenses between its NOOK e-reader and its Retail segments for purposes of segment reporting. On December 6, 2013 following these disclosures, the Company’s common stock price declined by $1.96 per share, nearly 12%, to close at $14.43 per share.
The investigation concerns whether Barnes t Noble and/or certain of its officers have violated Sections 10(b) and 20(a) of the Securities and Exchange Act of 1934.
If you are an investor who purchased Barnes t Noble stock you may have a legal claim against the Company and could serve as the lead plaintiff in a class action lawsuit. If you are interested in being the lead plaintiff, or would like to speak with an attorney about your legal rights, contact the attorneys at Wites & Rogers by email at info@witeslaw.com or toll-free at 1 (866) 277-8631.
