Barnes & Noble Inc 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 purchase the company's core bookstore business, sold 3.7 million shares at $17.30 per share.Riggio sold 2 million shares in December, reducing his stake in the troubled company to 26.3 percent from nearly 30 percent.The latest sale was made for long-term financial and estate planning purposes, Riggio said in a statement, adding that he does not plan to sell more shares this year.
Barnes & Noble, Inc. (Barnes & Noble) is a bookseller. Shares of BKS fell by 9.52% or $-1.77/share to $16.83. In the past year, the shares have traded as low as $12.59 and as high as $23.71. On average, 1847710 shares of BKS exchange hands on a given day and today's volume is recorded at 2529623.
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