Barnes & Noble shares fall as SEC probes restatement

Friday 06 December 2013 18.21
US SEC begins investigation into a restatement of Barnes & Noble's earnings announced on July 29
US SEC begins investigation into a restatement of Barnes & Noble's earnings announced on July 29

Shares of Barnes & Noble fell as much as 11% today, a day after the US Securities and Exchange Commission told the bookseller it had begun an investigation into a restatement of earnings announced on July 29.

The largest US bookstore chain store said in July that it had to restate certain financial statements for periods before April 27 as it had overstated certain accruals at its distribution centres.

"We are co-operating with the SEC, including responding to questions and requests for documents," a company spokeswoman said.

"We cannot comment on why the SEC is investigating the restatement," she added.

The SEC's New York regional office also said it was looking into a former non-executive employee's allegation that the company improperly allocated certain expenses between its Nook e-reader and retail businesses.