A shareholder lawsuit against Barnes & Noble chairman Len Riggio and two former company directors, Lawrence Zilavy and Michael Del Giudice, over the public company’s 2009 buyout of BN College will move forward to a trial tentatively set to begin June 18. Delaware Chancery Court Judge Leo Strine dismissed three independent directors from the suit, along with vice chairman Steve Riggio (who had recused himself from voting on the acquisition). As Bloomberg summarizes, “the investors argue that the board allowed Riggio to dictate terms and timing of the 2009 buyout of Barnes & Noble College Booksellers Inc. and didn’t force […]
