Wolf Popper LLP
Wolf Popper LLP Files Securities Fraud Class Action Against Genesco, Inc.
Wolf Popper LLP has filed a securities fraud lawsuit on behalf of investors who purchased Genesco Inc. (NYSE:GCO) securities on an open market from May 31, 2007 through November 16, 2007. The action is pending in the U.S. District Court, SDNY (Index No. 07-cv-11146), against Genesco and Hal N. Pennington (Chairman, CEO).
The complaint alleges that defendants knowingly misrepresented Genesco's projected financial results and fraudulently induced Finish Line Inc. to enter into a merger agreement to acquire Genesco for $54.50 per share, and UBS Loan Finance LLC to provide financing to Finish Line for the transaction. UBS has alleged in a lawsuit that Genesco committed fraud in connection with Genesco's merger with Finish Line. After the truth was revealed to the market on November 16, 2007, Genesco's stock price fell from $39.23 to $29.98, a staggering 24% drop.
