A book distributor recently received a securities class action lawsuit after shareholders alerted a law firm to potential violations of securities laws.
Law office Ryan and Maniskas, LLP, noted it filed a class action claim against Barnes and Noble, Inc., in the U.S. District Court for the Southern District of New York. The suit involves those who purchased stock from the company during the class period between Feb. 25, 2013, and Dec. 5, 2013.
Multiple complaints were brought forth by shareholders and outlined in the suit. Allegations included that the company made statements that were either false, misleading or both, and did not note that the company's e-book reader had its sales plummet. There also was a lack of warning that the device – known as a "Nook" – would have its production halted, and its inventory was $133 million less than reported, among other issues.
It is possible for shareholders to become lead plaintiff in the case, though they should take action and file the proper documents by March 10, 2014. It is not necessary for a person to take this position in order to collect if the lawsuit results in a payout.
Any shareholders who have questions about this action, as well as what will happen during the process, should speak with Richard Maniskas. He can be reached by email or phone, while it is also possible to visit the law firm's website to learn more.
Second suit filed in court
Another law office noted it filed a lawsuit against Barnes and Noble for many of the reasons listed above.
Pomerantz, LLP, noted it filed litigation in the court for the same class period because of allegations of the Securities Exchange Act of 1934, including Sections 10(b), 20(a) and Rule 10b-5.
The stock experienced two notable declines in the past year. The first was a 12.35 percent drop in stock when financial results were released on Aug. 20. The second was after an investigation commenced by the Securities Exchange Commission, prompting a drop of 11.95 percent.
Shareholders can also speak with this firm to request further information regarding the action. This can include general information about the process, as well as lead plaintiff aid. Robert Willoughby is available to field questions by phone or email. Those who decide to contact through email should leave the number of shares they owned from the company, as well as personal information such as their telephone number and mailing address.