Genesco Faces Shareholder Suit After Failed Merger

Law360, New York (December 7, 2007, 12:00 AM EST) -- Footwear retailer Genesco Inc. and its executives have been hit with a class action by investors alleging they artificially inflated the company's earnings reports to woo potential suitors, only to see the stock price tumble and acquisition offers dry up when the truth emerged.

The plaintiffs filed their securities fraud suit in the Nashville district court Wednesday on behalf of all shareholders who bought stock in the company between April and November this year. They allege misleading financial statements released by Genesco propped up the company's...
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