Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Signet Jewelers Limited To Contact The Firm Before Lead Plaintiff Deadline
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.
If you invested in Signet securities between January 7, 2016 and June 3, 2016 and would like to discuss your legal rights, please fill out the form below. 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.
Please tell us about yourself by completing the form and we will provide you with additional
information on how to join the Class Action at no cost to you.
* The submission of this form does not create an attorney-client relationship.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.