Barnes & Noble Education, Inc.

Johnson Fistel Investigates Barnes & Noble Education, Inc. Over Accounting Irregularities and Financial Restatement

SAN DIEGO, September 8, 2025 — Johnson Fistel, PLLP is investigating potential claims for investors of Barnes & Noble Education, Inc. (“Barnes & Noble”) (NYSE: BNED) over possible violations of federal securities laws.

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For more information, contact James Baker at (619) 814-4471, jimb@johnsonfistel.com or fjohnson@johnsonfistel.com.

Background:

On July 18, 2025, Barnes & Noble announced that management had been alerted to issues concerning how the company recorded the cost of digital sales. The company stated that this may have resulted in an overstatement of up to $23 million in accounts receivable as of its May 3, 2025 fiscal year-end.

Following this disclosure, Barnes & Noble’s stock dropped sharply, losing $2.36 per share, or about 21%, to close at $8.87 on July 21, 2025.

Later, on August 29, 2025, the company revealed that an internal investigation had concluded its previously issued financial statements—from the fiscal year ended April 27, 2024 through the quarter ended January 25, 2025—should no longer be relied upon. Barnes & Noble also provided preliminary details regarding the impact of the expected restatement, attributing the problems in part to “the actions of a payment processing employee” and the recognition of certain sales that failed to meet established revenue criteria.

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