Barnes & Noble Shares Drop After Riggio Cut His Stake
Posted at 3:44PM Thursday 17 Apr 2014
Barnes & Noble Chairman Leonard Riggio, the bookseller's founder and largest shareholder, cut his stake in the company to 20 percent by selling shares worth about $64 million.
Barnes & Noble's shares fell as much as 10 percent to $16.80 in early trading on Thursday.
Riggio, who once sought to buy the company's core bookstore business, sold 3.7 million shares at $17.30 per share.
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