New Federal Securities Cases
A class action lawsuit has filed in the United States District Court for the Northern District of Texas against Signet Jewelers Limited ("Signet") (NYSE: SIG), on behalf of all persons or entities who purchased Signet securities during the period from August 29, 2013 through February 27, 2017 (the "Class Period"). The lawsuit charges Signet and certain of its current and former officers and/or directors with violations of the Securities Exchange Act of 1934.
Signet engages in the retail sale of diamond jewelry and watches in the United States, Canada, Puerto Rico, the United Kingdom, the Republic of Ireland and the Channel Islands.
The lawsuit alleges that during the Class Period, defendants failed to disclose sexual harassment claims by employees of Signet's Sterling Family of Jewelers division ("Sterling"), including numerous incidents of sexual assault and rape, which were detailed in approximately 249 declarations signed under penalty of perjury by current and former Sterling employees (the "Declarations"), which made it unlikely that Signet would be able to avoid paying a sizable amount of damages in connection with a class action lawsuit filed by Sterling employees. As a result of this information being withheld from the market, the Company's stock traded at artificially inflated prices during the Class Period, reaching a high of $150.94 per share.
On February 26, 2017, the public gained access to the Declarations, spanning over 1,300 pages of sworn testimony, which painted a picture of a Company in which sexual harassment, including sexual assault, was not just tolerated but modeled at Company functions by top executives, including the Company's Chief Executive Officer, defendant Mark S. Light ("Light"). The Declarations were submitted in a private arbitration against Sterling in June 2013, but remained under seal until February 26, 2017. On February 27, 2017, after the markets closed, The Washington Post published a report (the "Report") that revealed widespread allegations of sexual harassment made in the private arbitration that implicated Sterling's senior managers and executives, including defendant Light and other Company leaders. As a result of the news revealed in the Report, the price of Signet common stock suffered its biggest one-day drop in eight years, falling $9.29 per share to close at $63.59 per share on February 28, 2017, a one-day decline of nearly 13% and a 58% decline from the stock's Class Period high.
If you acquired Signet securities during the Class Period, you may, no later than May 30, 2017, request that the court appoint you lead plaintiff of the proposed class. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions that could affect the overall recovery for class members, including decisions concerning settlement.
If you are a current or former Signet shareholder and wish to obtain additional information, please fill out the contact form at the link below.
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