A lawsuit was filed on behalf of investors in Signet Jewelers Ltd. (NYSE:SIG) shares over alleged securities laws violations and NYSE:SIG investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 08/29/2016 -- An investor, who purchased shares of Signet Jewelers Ltd. (NYSE:SIG), filed a lawsuit in New York over alleged violations of Federal Securities Laws by Signet Jewelers Ltd. in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Signet Jewelers Ltd. (NYSE:SIG) have certain options and for certain investors are short and strict deadlines running. Deadline: October 24, 2016. NYSE:SIG investors should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The plaintiff claims that between January 7, 2016 and June 3, 2016 the Defendants made false and/or misleading statements and/or failed to disclose that the Company was experiencing difficulty ensuring the safety of customers' jewelry while in the custody of Signet's brands, that employees at stores under at least one of Signet's brands (Kay) were swapping customers' stones for less valuable stones, that the Company was experiencing a drop-off in customer confidence, that the Company was facing increasing competitive pressures, that, as result of the foregoing, the Company's financial performance was being negatively impacted, and that, as a result of the foregoing, Defendants' positive statements about Signet's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
Shares of Signet Jewelers Ltd. (NYSE:SIG) grew from $71.43 per share in January 2014 to as high as $150.94 per share in October 2015. Signet Jewelers Ltd. reported that its Total Revenue rose from over $4.2 billion for the 52 weeks period that ended on February 1, 2014 to over $6.55 billion for the 52 weeks period that ended on January 30, 2016 and that its respective Net Income increased from $368 million to $467 million.
On June 2, 2016, a report was issued raising concerns about the extent to which Signet Jewelers Ltd. used its credit operations to boost sales, and also referenced a previously published story on Buzzfeed about customers of the Company's Kay Jewelers stores complaining that their diamonds had been unknowingly replaced with lesser-quality gems.
Those who purchased shares of Signet Jewelers Ltd. have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego