A group of Barnes & Noble shareholders, led by the Louisiana Municipal Police Employees Retirement System, has filed suit in a Delaware Chancery court to block the retailer’s proposed purchase of privately-owned Barnes & Noble College. The plaintiffs allege breach of fiduciary duty by the company and its directors. Shareholders are concerned that the deal lacks transparency in not providing more historical financial data on the College retailer; 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.”Courthouse News Separately, in a complex posting about the […]
