Shareholder Class Action Filed Against Genesco Inc.
A class action lawsuit was filed in the United States District Court for the Middle District of Tennessee on behalf of all purchasers of the securities of Genesco, Inc. between April 20, 2007 and November 26, 2007, inclusive (the “Class Period”).
The Complaint charges Genesco and certain of its officers and directors with violations of the Securities Exchange Act of 1934.
Genesco is a retailer of branded footwear, licensed and branded headwear, and a wholesaler of branded footwear.
The Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company’s business segments were significantly underperforming; (2) that, as a result of such underperformance, the Company’s financial results and prospects had materially diminished; (3) that, as a result of the above, the Company’s statements about its financial well-being and future business prospects were lacking in any reasonable basis when made; (4) that such diminished financial results and prospects would adversely impact the acquisition negotiations conducted by the Company, and the agreement reached with The Finish Line; (5) that the Company lacked adequate internal and financial controls; and (6) that the foregoing would constitute material adverse events to potential acquirers and The Finish Line.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin Barroway Topaz & Kessler which prosecutes class actions in both state and federal courts throughout the country. Schiffrin Barroway Topaz & Kessler is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.
If you have any questions concerning this notice or your rights or interests with respect to these matters, contact Schiffrin Barroway Topaz & Kessler, LLP (Darren J. Check, Esq. or Richard A. Maniskas, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbtklaw.com.
Filed under Class Action, Shareholder Lawsuit
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