NEW YORK, Sept. 20, 2016 /PRNewswire/ -- 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.
Request more information now by clicking here:
www.faruqilaw.com/SIG. There is no cost or obligation to
you.
Take Action
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
rgonnello@faruqilaw.com. 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.
Attorney Advertising. The law firm responsible for this
advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com).
Prior results do not guarantee or predict a similar outcome with
respect to any future matter. We welcome the opportunity to discuss
your particular case. All communications will be treated in a
confidential manner.
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello,
Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
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