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Case Status:    DISMISSED    
On or around 12/18/2008 (Stipulation and order of dismissal (voluntary dismissal))

Filing Date: December 05, 2007

On December 18, 2008, one of the two lead plaintiffs filed a notice of voluntary dismissal of the action. On December 30, 2008, District Judge William J. Haynes, Jr. ordered the action dismissed without prejudice.

On January 22, 2008, the Court entered the Stipulation and Order Consolidating Related Actions. According to the Order, several actions are consolidated for all purposes and the caption of these consolidated actions shall be "In re Genesco Inc. Securities Litigation" and the files of this action shall be maintained in one file under Master File No. 3:07-1183. On March 28, 2008, the Court entered the Order granting the motion to appoint Rick Roeglin and Joseph Falzone as lead plaintiffs and approving their selection of lead counsel.

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.


Sector: Services
Industry: Retail (Apparel)
Headquarters: United States


Ticker Symbol: GCO
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data

"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: M.D. Tennessee
DOCKET #: 07-CV-01183
JUDGE: Hon. William J. Haynes Jr.
DATE FILED: 12/05/2007
CLASS PERIOD END: 11/26/2007
  1. Barrett, Johnston & Parsley
  2. Bernard M. Gross
  3. Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
  4. Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
No Document Title Filing Date