Leonard Riggio Sells 3.7 Million Shares of Barnes and Noble Stock
Posted on April 17, 2014
Barnes & Noble, Inc. Chairman Leonard Riggio today announced today that he has sold 3.7 million shares of the company's common stock. After the sale, he still holds approximately 20% of the outstanding common stock of the company. Mr. Riggio said that the sale is part of his long-term financial and estate planning. He says he has no plans to sell any more stock this year.
Riggio said in a statement, "After this sale I remain the Company�s largest shareholder, a position I feel very good about. I love this company and I believe in its future as I do in all of the wonderful people who work here.
Earlier this month Liberty Media Corporation announced that it was selling the majority of its shares in the company to institutional buyers. Liberty is only keeping around 10% of the shares it originally purchased. As a result of the sell off, Liberty will no longer have the right to elect two preferred stock directors to Barnes & Noble�s Board. Liberty's consent rights and other rights will also go away.