Shareholders sue B&N over purchase of B&N College

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Shareholders sue B&N over purchase of B&N College

Aug 20 2009

Barnes and Noble shareholders, led by the Louisiana Municipal Police Employees Retirement System, are suing Barnes & Noble over its proposed plan to buy privately-owned Barnes & Noble College - which is owned by Len Riggio, who is also chairman of, and the largest shareholder in, Barnes & Noble.

The plaintiffs are concerned that the deal lacks transparency, pays Len Riggio more than another buyer would, reduces BN's working capital; and represents an investment in a segment that is in "permanent decline."

Born in the Bronx, Riggio grew up in New York City. In 1965, while at NYU, he founded the Student Book Exchange and turned this small book store into a leading retailer. He acquired the Barnes & Noble bookstore in New York in 1971 and adopted its name for his expanding chain of bookstores.

Source: Courthouse News Service

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