We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Genesco Faces Shareholder Suit After Failed Merger

Law360 (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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.