According to Publishers Lunch, which reviewed a Securities and Exchange Commission filing by Jana Partners, the New York-based investment firm now owns 11.7% of Barnes & Noble stock as of April 11, the day the Department of Justice filed a lawsuit against Apple and some of the largest U.S. publishers alleging collusion to fix the prices of e-books.
On April 11, trading of shares in Barnes & Noble spiked to six million, about four times the normal daily volume for the bookseller.
Publishing observers have speculated that Barnes & Noble would have trouble competing with Amazon if agency pricing (wherein the publishers and not the bookseller sets the price of the e-book), which seemed to be under attack in the lawsuit, went away.
From Publishers Lunch (Barnes & Noble Stock Jumps As Another Big Player, Jana Partners, Discloses Stake):
Activist hedge fund Jana Partners declared in an SEC filing on Friday that as of April 11 they owned nearly 7 million shares of stock in Barnes & Noble, or roughly 11.7 percent of shares outstanding. The firm also holds a short-term bet of options to buy 250,000 shares at $13 share, exercisable May 18.
Read more at Publishers Lunch.