Barnes & Noble Issues Statement In Response To Lawsuit By Terminated CEO

(RTTNews) - Barnes & Noble, Inc. (BKS) commented on the lawsuit filed by former chief executive officer Demos Parneros. As announced on July 3, 2018, Parneros was terminated for cause following multiple violations of the Company's policies.

Barnes & Noble said that the lawsuit filed by Demos Parneros is nothing but an attempt to extort money from the Company by a CEO who was terminated for sexual harassment, bullying behavior and other violations of company policies after being in the role for approximately one year. The allegations contained in the complaint about Len Riggio are replete with lies and mischaracterizations. They are an example of someone who, instead of accepting responsibility for blatantly inappropriate behavior, is lashing out against a former employer.

Barnes & Noble noted that its Board, advised by legal counsel at Paul, Weiss, Rifkind, Wharton & Garrison LLP, unanimously terminated Mr. Parneros' employment following a thorough investigation that revealed multiple examples of significant misconduct. Mr. Parneros not only violated his employment agreement, but also compromised the trust and respect that the company strive to foster throughout organization.

Barnes & Noble said Parneros' actions were unacceptable and not representative of the high standards by which Barnes & Noble operates.

Earlier today, Demos Parneros is suing the bookseller, accusing the company's executive chairman of fabricating reasons to fire him about a month after a deal to sell the company fell apart.

In a complaint filed Tuesday in Manhattan federal court, Demos Parneros accuses Barnes & Noble of firing him "without warning or justification." He also said the company damaged his reputation by using language when it announced his firing that it "knew full well was false but would be read as reporting that Parneros had engaged in serious sexual misconduct."