Collective Brands Execs Accused Of Securities Fraud

Law360, New York (January 25, 2012, 3:55 PM EST) -- Top executives at Payless ShoeSource parent Collective Brands Inc. hid problems at the company in order to boost stock prices and profited from the scheme by collecting payment based on those prices, according to a proposed shareholder class action filed Wednesday in Kansas.

Collective Brands shareholder International Brotherhood of Electrical Workers Local 191 Joint Trust Funds alleges the company and certain executives violated the Securities Exchange Act by not disclosing several key pieces of information between Dec. 1, 2010, and May 24.

The executives named in...
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