|By PR Newswire||
|January 10, 2014 04:24 PM EST||
NEW YORK, Jan. 10, 2014 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a securities class action has been filed in the United States District Court for the Southern District of New York on behalf of those who purchased shares of Barnes & Noble, Inc. ("Barnes & Noble") (NYSE:BKS), during the period between February 25, 2013 and December 5, 2013, inclusive (the "Class Period").
The complaint charges Barnes & Noble and certain of its executives with violations of federal securities laws. The complaint alleges that during the class period Barnes & Noble and certain of its executives failed to disclose and misrepresented the following: (a) the Company's Nook e-reader sales had drastically declined; (b) the Company would cease Nook manufacturing; (c) the carrying value of Nook assets were impaired by millions and its inventory overstated by $133 million; (d) the Company was expecting fiscal 2014 retail losses in high single digits; (e) the Company had over-accrued certain accounts receivables; (f) the Company was unable to provide timely audited financial results for fiscal 2013; and (g) the Company may be forced to restate its previously reported financial results.
On December 5, 2013, Barnes & Noble disclosed in a filing with the SEC that it had been notified on October 16, 2013 that the SEC had commenced an investigation into Barnes & Noble's in relation to its past accounting.
Plaintiff seeks to recover damages on behalf of all Barnes & Noble's shareholders who purchased common stock during the Class Period described above.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. March 10, 2014 is the deadline for investors to seek a lead plaintiff appointment. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
SOURCE Bronstein, Gewirtz & Grossman, LLC