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Genesco, Inc. Summary: According to a law firm press release, on December 6, 2007 a lawsuit seeking class action status has been filed in the United States District Court for the Middle District of Tennessee on behalf of all persons who purchased the common stock of Genesco, Inc.
The Complaint charges that Genesco, and certain of its officers and directors, violated Federal Securities Laws. Specifically, the Complaint alleges that during the Class Period, Defendants concealed the following information, which caused their statements to be materially false and misleading: (I) the Company’s stores were not performing well and would not produce the financial results being forecast; (ii) the Journeys stores were performing poorly relative to plan with big same store sales declines; and (iii) these poor results would be considered adverse events to potential acquirers, leading to significant share price declines at Genesco.
As a result of the representations made by Defendants, Genesco was seen as an attractive acquisition target for Foot Locker, Inc. Foot Locker ultimately made an offer and The Finish Line, Inc. and Headwind, Inc., a wholly owned subsidiary of Finish Line, subsequently made an increased offer, based on Genesco’s purported success. When the truth about Genesco’s results began to be revealed, however, Finish Line indicated it would no longer pursue the acquisition. Then, on November 26, 2007, Genesco received a subpoena from the Office of the U.S. Attorney for the Southern District of New York seeking documents related to its merger agreement and in connection with alleged violations of federal fraud statutes. On this news, Genesco’s stock plunged to $25.44 per share on November 27, 2007.
A similar, purported class action complaint has also been filed in the U.S. District Court for the Southern District of New York.
INDUSTRY CLASSIFICATION:
SIC Code: 5661
Sector: Services
Industry: Retail (Apparel)
| COMPANY/ISSUER NAME: | Genesco, Inc. |
| COMPANY/ISSUER TICKER: | GCO |
| COMPANY WEBSITE: | http://www.genesco.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Roeglin, et al. v. Genesco, Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Complaint For Violation Of The Federal Securities Laws | |||
| Type: Complaint | Date on the document: 12/6/2007 | ||
| OTHER DOCUMENTS | |||
| Class Action Complaint - Jury Trial Demanded | |||
| Case Name and/or Number: Sanjay Koshti, et al. v. Genesco, Inc., et al. | |||
| Type: Complaint | Date on the document: 12/13/2007 | ||
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