Leonard Riggio, chairman of Barnes & Noble and its biggest shareholder said he sold 2 million shares at $13.81 each in a “privately negotiated block trade” for tax purposes in an SEC filing on Tuesday.
Riggio’s sale raised a total of $27.6 million and reduced his stake in the troubled book retailer to 26.3 percent from about 30 percent previously.
Barnes & Noble was trading at $13.46 down 3.9 percent at the open.