Law Firms Now Piling on to SEC Investigation into B&N

Upset thatbarnes noble logo they had not reached their quota for billable hours for 2013, four different law firms (so far) have issued press releases and announced plans to investigate Barnes & Noble. All 4 firms are piling on to the investigation which the SEC is conducting into possible financial irregularities.

That SEC investigation was revealed last week, but has yet to actually uncover any wrongdoing. But now that the SEC is going to be assisted by these 4 firms I am sure that any wrongdoing will be uncovered (assuming B&N actually did anything wrong, which I still doubt).

At this point I have no information beyond what B&N shared in the 10-Q report they filed last week:

On October 16, 2013, the SEC’s New York Regional office notified the Company that it had commenced an investigation into: (1) the Company’s restatement of earnings announced on July 29, 2013, and (2) a separate matter related to a former non-executive employee’s allegation that the Company improperly allocated certain Information Technology expenses between its NOOK and Retail segments for purposes of segment reporting. The Company is cooperating with the SEC, including responding to requests for documents.

Nevertheless, the law firms of Bronstein, Gewirtz, & Grossman, LLC; Levi & Korsinsky; Johnson & Weaver, LLP; and Pomerantz, Grossman, Hufford, Dahlstrom, & Gross are all investigating claims on behalf of investors of Barnes & Noble, Inc. They are seeking B&N shareholders who might be interested in signing on with the investigations and share in the settlement shakedown should any wrongdoing be uncovered.

Should the law firms join forces I understand that their efforts will be lead by Dewey, Cheatem, and Howe.

About Nate Hoffelder (11591 Articles)
Nate Hoffelder is the founder and editor of The Digital Reader:"I've been into reading ebooks since forever, but I only got my first ereader in July 2007. Everything quickly spiraled out of control from there. Before I started this blog in January 2010 I covered ebooks, ebook readers, and digital publishing for about 2 years as a part of MobileRead Forums. It's a great community, and being a member is a joy. But I thought I could make something out of how I covered the news for MobileRead, so I started this blog."

5 Comments on Law Firms Now Piling on to SEC Investigation into B&N

  1. Ambulance chasers need little incentive to run and bark. Like sharks, just a drop of blood will set them off.

  2. You got guts, Nate. I’m not sure how much wisdom, but ya’ got guts!

    • What did I do that was gutsy?

      If you think this is gutsy then you should have read the earlier draft that listed the 4 firms and then referred to them as – well, I’m not going to finish that thought.

  3. I’ll just bet the major publishers are about ready to tear their hair out. “NO! Don’t investigate them! They’re the good guys! Investigate Amazon! Amazon, dammit!”

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