Riggio Cuts B&N Stake
Loses $40 Million
Published: 12/12/2013 02:57am
Wall Street Journal. The price was $13.81 each, raising $27.6 million for Riggio. He took a loss of around $40 million, he told the Journal.
Riggio made the sale to generate a loss that could be used to offset profits from other investments to reduce his taxes, he said.
In addition to Barnes & Noble’s welll publicized problems with the Nook, the SEC is investigating the company over its accounting practices (see "SEC Investigating Barnes & Noble"), and shareholder rights attorneys are circling (see "Sharks Circle Barnes & Noble").
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