U.S. Shoe faces class action as Fisher Camuto cries foul. (shareholders sue company for sale of footwear division)

U.S. Shoe faces class action as Fisher Camuto cries foul CINCINNATI -- U.S. Shoe Corp. faced a fifth class action lawsuit last week charging violations of securities laws and conflict of interest in the proposed sale of its footwear division, as Fisher Camuto Group, Stamford, Conn., disputed the company's explanation that it excluded Fisher Camuto from bidding on the division because of antitrust implications.

Rajiv Kohli, a U.S. Shoe shareholder, filed suit in U.S. District Court, Philadelphia, last Thursday charging that U.S. Shoe, Philip G. Barach, chairman, and Howard Platt, executive vice president and president of the company's footwear division, violated securities laws by making false and misleading statements starting in August 1988.

That was when U.S. Shoe hired Merrill Lynch Capital Markets to evaluate various strategies to maximize shareholder value and ward off a possible unfriendly takeover attempt, including the possible sale of all or parts of the company, or a restructuring.

The suit, filed by Greenfield & Chimicles, Haverford, Pa., a law firm specializing in securities litigation, alleges that U. S. Shoe's announcement was followed by a stock price increase of nearly 40 percent, but on Feb. 27, when U. S. …