The SEC’s two investigations into accounting issues at Barnes & Noble have provoked at least one shareholder lawsuit, filed in New York State Supreme Court on Wednesday. In his complaint, David Shaev accuses the bookseller’s board and several of its executives of breaching fiduciary duties and an abuse of control. “Barnes & Noble has operated with deficient and inadequate financial reporting and inventory management systems since at least 2001,” Shaev said in his complaint. “These systems do not adhere to industrywide best practices and company internal audits have repeatedly shown them to be unreliable and subject to manipulation.” Later he […]
