An investigation on behalf of investors in Signet Jewelers Ltd. (NYSE:SIG) shares over potential wrongdoing at Signet Jewelers Ltd. was announced and NYSE:SIG stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/08/2017 -- An investigation on behalf of investors in shares of Signet Jewelers Ltd. (NYSE:SIG) was announced over potential breaches of fiduciary duties at Signet Jewelers Ltd.
Investors who purchased shares of Signet Jewelers Ltd. (NYSE:SIG) have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The investigation by a law firm concerns whether certain Signet Jewelers officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
Bermuda based Signet Jewelers Limited is a retailer of jewelry, watches and associated services in the United States, Canada and the United Kingdom. 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.
On August 25, 2016 a lawsuit was filed against Signet Jewelers Ltd over alleged securities laws violations. The plaintiff claimed that 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) declined from $150.94 per share in October 2015 to as low as $74.53 per share in September 2016.
On Monday, February 27, 2017, it was reported that a subsidiary of Signet Jewelers Ltd allegedly discriminated against female employees. Additionally, it was reported that about 250 female employees testified in arbitration filings that male managers and executives engaged in rampant sexual harassment for years and that a private arbitrator ruled that about 69,000 current and former female sales associates of mall jewelry stores Kay and Jared, owned by a subsidiary of Signet Jewelers Ltd, can sue for discrimination and back wages.
On February 28, 2017, Signet Jewelers Ltd issued a statement and denied the allegations.
Shares of Signet Jewelers Ltd. (NYSE:SIG) closed on March 7, 2017 at $63.25 per share.
Those who purchased shares of Signet Jewelers Ltd. have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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