| Company: | Barnes & Noble, Inc, |
| Ticker Symbol: | BKS |
| Class Period: | Jul-27-12 to Nov-5-13 |
| Date Filed: | Jan-22-14 |
| Lead Plaintiff Deadline: | Mar-23-14 |
| Court: | Southern District of New York |
| Allegations: | |
Barnes & Noble is one of the nation's largest booksellers, providing customers easy and convenient access to books, magazines, newspapers and other content across its multi-channel distribution platform.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company engaged in improper accounting practices, including by inappropriately allocating expenses between the Company's NOOK and Retail segments; (2) the Company lacked adequate internal controls over financial reporting; and, (3) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
On June 25, 2013, the Company announced that it would not be able to file its annual report on time, and would need to evaluate its prior financial statements in order to provide investors with accurate financial statements.
On this news, the Company's shares fell $3.21 to close at $15.61 per share, a decline of more than 17%, on June 25, 2013.
On December 5, 2013, the Company announced in its Form 8-K, that, "on October 16, 2013, the SEC's New York Regional office notified the Company that it had commenced an investigation into: (1) the Company's restatement of earnings announced on July 29, 2013, and (2) a separate matter related to a former non-executive employee's allegation that the Company improperly allocated certain Information Technology expenses between its NOOK and Retail segments for purposes of segment reporting. The Company is cooperating with the SEC, including responding to requests for documents."
On this news, Barnes & Noble securities declined $1.96 per share, or over 11%, to close at $14.43 per share on December 6, 2013.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
