An investigation for investors in Genesco Inc. (NYSE:GCO) shares over potential securities laws violations by Genesco was announced and NYSE:GCO stockholders should contact the Shareholders Foundation at firstname.lastname@example.org
San Diego, CA -- (SBWIRE) -- 09/23/2013 -- An investigation on behalf of investors of Genesco Inc. (NYSE:GCO) shares over potential securities laws violations by Genesco and certain of its directors and officers in connection certain financial statements was announced.
Investors who purchased shares of Genesco Inc. (NYSE:GCO) have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Genesco Inc. (NYSE:GCO) concerning whether a series of statements by Genesco regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Genesco Inc. reported that its Total Revenue increased from over $15.7 billion for the 52 weeks period that ended on Jan. 30, 2010 to over $2.6 billion for the 53 weeks period that ended on Feb. 2, 2013, and that its respective Net Income rose from $28.81 million to $110.54 million.
Shares of Genesco Inc. (NYSE:GCO) grew from $13.58 per share in March 2009 to as high as $78.2 per share, respectively $75.68 per share in July 2013.
Then on August 29, 2013, Genesco Inc. announced its estimated Second Quarter Fiscal 2014 Results. Among other things, Genesco Inc. announced a potential change in accounting for certain bonus awards payable under its EVA Incentive Plan as discussed below under the heading "Potential Accounting Correction." Genesco Inc. said that depending on the materiality of any required changes, the Company may restate certain prior financial statements.
Shares of Genesco Inc. (NYSE:GCO) declined from $69.55 per share on August 28, 2013 to $61.68 per share on August 30, 2013.
Then on September 12, 2013, Genesco Inc. announced its quarterly report. Genesco Inc. also disclosed that on September 11, 2013, the Audit Committee of the Company's Board of Directors, upon the recommendation of management, determined that the consolidated financial statements contained in the Company's Form 10-K for the 2013 fiscal year and in its Form 10-Q for the first quarter ended May 4, 2013, should no longer be relied upon as a result of the Company's determination that there has been an error in the accounting treatment of bonus awards under the Company's EVA Incentive Plan. Genesco Inc. said it will correct this error by restating its financial statements for the 2011, 2012 and 2013 fiscal years in an amendment to the Company's Form 10-K for the 2013 fiscal year and by restating its financial statements contained in the Form 10-Q for the quarter ended May 4, 2013 in an amendment to that Form 10-Q.
On September 13, 2013, NYSE:GCO shares traded as low as $61.96 per share.
NYSE:GCO shares closed on September 20, 2013, at $64.11 per share.
Those who purchased shares of Genesco Inc. have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego