San Diego, CA -- (ReleaseWire) -- 04/22/2014 -- An investor who currently holds NYSE:BKS shares filed a lawsuit against directors of Barnes & Noble, Inc. over alleged breaches of fiduciary duties.
If you purchased shares of Barnes & Noble, Inc. (NYSE:BKS), you have certain options and you should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants used insufficient accounting practices that led to Barnes & Noble, Inc losing 40 percent of its market capitalization after an investigation by the U.S. Securities and Exchange Commission. The plaintiff claims that the problems with the financial reporting and inventory management systems are so pervasive that they impact not only the company’s reporting obligations to the SEC, but also its ability to track inventory and sales internally and as a result the harm to the Company from defendants’ breaches of fiduciary duties is likely to cost Barnes & Noble, Inc millions of dollars.
On June 26, 2013, Barnes & Noble, Inc disclosed in a filing with the SEC that it would be unable to timely file its Form 10-K for the 2013 fiscal year and stated that the Company is currently in the process of evaluating certain prior year amounts, which may result in a revision to the financial statements. On July 12, 2013, the Company issued a press release disclosing that the Company’s Chief Executive had resigned. On December 5, 2013, Barnes & Noble, Inc. reported its financial results for the fiscal quarter that ended on October 26, 2013. Among other things, Barnes & Noble, Inc. disclosed that on October 16, 2013, the SEC’s New York Regional office notified Barnes & Noble, Inc. that it had commenced an investigation into Barnes & Noble’s restatement of earnings announced on July 29, 2013, into a separate matter related to a former non-executive employee’s allegation that Barnes & Noble, Inc. improperly allocated certain Information Technology expenses between its NOOK and Retail segments for purposes of segment reporting.
Barnes & Noble, Inc. reported that its Total Revenue declined from over $7.12 billion for the 52 weeks period that ended on April 28, 2012 to over $6.83 billion for the 52 weeks period that ended on April 27, 2013 and that its respective Net Loss increased from $64.84 million to $157.81 million. Shares of Barnes & Noble, Inc. (NYSE:BKS) declined from $23.31 per share in May 2013 to as low as $12.83 per share in October 2013. NYSE:BKS shares closed on April 17, 2014, at $16.37 per share.
Those who purchased shares of Barnes & Noble, Inc. have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego