STEVENSON, Md., Jan. 10, 2014 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Barnes & Noble, Inc. ("Barnes & Noble" or the "Company") (NYSE: BKS ) securities during the period between February 25, 2013 and December 5, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in Barnes & Noble, Inc. securities purchased on or after February 25, 2013, and held through the revelation of negative information on during and/or at the end of the Class Period as described below, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff, at no cost to you, by contacting Brower Piven at www.browerpiven.com , by email at hoffman@browerpiven.com , by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than March 10, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that its Nook e-book reader sales had dramatically declined to the point the Company would shutter its Nook manufacturing operations altogether and the carrying value of the Nook inventory was overstated by $133 million, that the Company was expecting fiscal 2014 retail losses in the high single digits and had over-accrued certain accounts receivable and that it was unable to provide timely audited financial results for fiscal 2013 and might be forced to restate its previously reported financial results. According to the complaint, following: (1) the August 20, 2013 disclosure of worse company-wide financial results for Barnes & Noble's 2014 than the market had been led to expect, including lower sales and losses that more than doubled from the first quarter of 2013 and that the Company's Chairman had placed on hold his previous bid to take the Company's bookstore business private; and (2) the Company's December 5, 2013 disclosure that it had been notified on October 16, 2013 that the SEC had commenced an investigation into its past accounting, including its decision to restate earnings for fiscal 2011 and fiscal 2012, that the SEC was looking into a former employee's allegations that Barnes & Noble had improperly allocated "certain information technology expenses" between its Nook and consumer bookstore groups in its financial reporting, and that after a review of Barnes & Noble's deferred tax assets and liabilities, it had "concluded" that a deferred tax liability should be reversed, the value of Barnes & Noble stock declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616
