iBook can not open epub books.
Purchased books for a Sony Reader. They are epub file extension. I imported them into iTunes library. I went to Options and verified media type is book. I added them to my iPad. They show up in the iBook app but it can not open them. It states it is formatted incorrectly, or is not a format iBooks can open.
iPad 2 Wi-Fi + 3G, iOS 6.0.1