Barnes & Noble Hit With Shareholder Class Action Over Nook

Law360, Los Angeles (January 8, 2014, 6:18 PM EST) -- Barnes & Noble Inc. on Wednesday was hit with a putative shareholder class action in New York federal court accusing it of misleading investors and failing to disclose in securities filings last year that Nook e-book reader sales had declined dramatically, leading to artificially inflated stock prices.

Stockholders claim the company's stock rose because Barnes & Nobles had assured executives that they were committed to the Nook, when in reality the book retailer planned to stop selling the product and the company was required to take...
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