B&N Shares Increase After Founder Reveals Stock Buy

  • SHARES

By Carmen Comment

Reuters reports that shares of Barnes & Noble rose more than 3 percent on Wednesday, after the chairman of the book retailer’s board revealed he had purchased 100,000 shares of the company. In a U.S. Securities and Exchange Commission filing on Wednesday, founder and former CEO Leonard Riggio said he purchased 100,000 shares of the world’s largest book retailer on August 10 at an average price of $32.64 per share — the same day the stock hit its lowest level since late 2004. The purchase increased the chairman’s holdings to nearly 13 million shares, according to the filing. Riggio and his brother Stephen, who is now the company’s chief executive, together own more than a quarter of the company’s stock.

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