Major Barnes & Noble shareholder reduces stake

New York City -- According to a Wednesday filing with the SEC, major Barnes & Noble shareholder, Aletheia Research & Management, has cut its stake in the bookseller from 10.6% to 8.65%.

Aletheia was accused by Barnes & Noble of teaming with activist investor billionaire Ron Burkle during a proxy fight last year.

The reduction comes about two weeks after Liberty Media made a $1 billion offer for Barnes & Noble.

Even with the private equity firm’s reduction, Aletheia still has the third largest stake outside of Burkle's The Yucaipa Cos., which holds a nearly 20% stake, and Chairman Leonard Riggio and his family, who hold nearly 30% of the shares.