NEW YORK, Oct. 19, 2016 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Signet Jewelers Limited (“Signet” or the “Company”) (NYSE:SIG) of the October 24, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Signet securities between January 7, 2016 and June 3, 2016 (the “Class Period”). The case, Dube v. Signet Jewelers Limited et al, No. 1:16-cv-06728 was filed on August 25, 2016.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that the Company was experiencing difficulty ensuring the safety of customers’ jewelry while in the custody of Signet’s brands causing a negative impact on its financial performance and customer confidence.
Specifically, on May 25, 2016, BuzzFeed News reported on occurrences of diamond swapping in connection with the Company’s Kay stores. The news report recounted the stories of multiple Kay customers whose diamonds were swapped out for much less expensive stones while the customers’ jewelry was in the custody of Kay, typically for repair.
After the report, Signet’s share price fell from $108.37 per share on May 25, 2016 to a closing price of $97.00 on May 25, 2016 —a $11.37 or a 10.49% drop.
Then, on June 3, 2016, the Company issued a press release entitled “Signet Jewelers Issues Statement Regarding Its Longstanding Commitment to Superior Customer Service and Rigorous Product Quality Procedures” in which the Company appeared to confirm the occurrence of instances of “diamond swapping” at the Company’s stores.
After the announcement, Signet’s share price fell from $92.23 per share on June 2, 2016 to a closing price of $88.19 on June 3, 2016—a $4.04 or a 4.38% drop.
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If you invested in Signet securities between January 7, 2016 and June 3, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/SIG. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Signet’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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CONTACT: FARUQI & FARUQI, LLP 685 Third Avenue, 26th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. email@example.com Telephone: (877) 247-4292 or (212) 983-9330