April 17, 2014 Last Updated 9:05 am

Barnes & Noble’s chairman, Leonard Riggio, sells 3.7 million shares of the company’s stock

The stock of book retailer Barnes & Noble is trading down over 9 percent this morning, the possible result of the company’s announcement this morning that its chairman, Leonard Riggio, has sold 3.7 million shares of the common stock. Riggio still owns approximately 20 percent of the outstanding shares in the company.

“After this sale I remain the Company’s largest shareholder, a position I feel very good about,” said Riggioin the company’s announcement of the stock sale. “I love this company and I believe in its future as I do in all of the wonderful people who work here.”

Shares of the Barnes & Noble (BKS) were trading at 16.77 at 10am ET, down 9.84 percent on the day. The market overall opened down modestly.

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