SAN DIEGO and NEW YORK, Jan. 6, 2014 /PRNewswire/ -- Shareholder rights law firm Robbins Arroyo LLP is investigating whether certain officers and directors of the content, commerce, and technology company, Barnes & Noble, Inc. (NYSE: BKS), breached their fiduciary duties to shareholders.
Barnes & Noble Stock Drops Following Announcement of Government Investigation into Company's Restatement of Earnings for Fiscal Years 2011 and 2012
On July 29, 2013, Barnes & Noble issued a press release announcing that it would be restating previously issued financial statements for fiscal years 2011 and 2012 due to errors related to the overstated accruals, and that those statements should not be relied upon. Then, on December 6, 2013, Barnes and Noble disclosed that as a result of the restatement and allegations that the company improperly allocated expenses between certain businesses, the Securities and Exchange Commission had launched an investigation into the previous announced restatement. Following disclosure of the investigation on December 6, 2013, Barnes & Noble shares fell 12% to close at $14.43.
In light of this news, Robbins Arroyo is investigating whether Barnes and Noble's financial reporting for fiscal years 2011 and 2012 may have been false and misleading because the company's internal accounting controls were deficient and its financial reporting and inventory management systems were deficient.
Barnes & Noble Shareholders Have Legal Options
Robbins Arroyo LLP highlights that Barnes & Noble shareholders have the option to pursue a shareholder litigation demand or shareholder derivative action through which shareholders aim to hold insider wrongdoers accountable for their actions, prevent future misconduct, and bring long-term value back to the company. Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the shareholder information form on the firm's website.
View the investigation on the law firm's Shareholder Rights Blog: http://www.robbinsarroyo.com/shareholders-rights-blog/barnes-noble-inc/
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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SOURCE Robbins Arroyo LLP