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 Law Firm by email at info@witeslaw.com or toll-free at 1 (866) 277-8631.
