Forbes – Activist hedge fund Jana Partners in August sold the remainder of its stake in Barnes & Noble, after amassing a 12% position in the stock, new SEC filings show.
The investment by the fund, which is led by one-time billionaire Barry Rosenstein, proved well-timed. Less than two weeks after Jana disclosed its stake—some 7 million shares—Barnes & Noble stock jumped 52% in one day, driven by news that Microsoft would invest in the company’s e-book division and Nook tablet. The stock ended April 30 at $20.75, far above the time period earlier this year when Jana built its position.
