Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Signet Jewelers Limited (NYSE:SIG) in connection to alleged violations of securities laws by SIG. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Signet Jewelers Limited between August 24, 2017 until November 21, 2017.
The class action complaint specifically alleges that during the period in question, SIG might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, chiefly: that the company’s conversions of its IT systems, during a transition of its credit portfolio, adversely affected its sales; that the substantial amount of process transitions in stores, connected to this credit transition, were also adversely affecting sales; that consequently the company was suffering disruptions to its processes and systems in connection to the credit portfolio transition; that these disruptions were adversely affecting the company; and that consequently the company’s statements to the public during the relevant period were false and misleading. The company issued a press release on November 21, 2017 announcing that its same store sales in Q3 2017 had fallen 5%, partly resulting from “systems and process disruptions associated with outsourcing of the credit portfolio.” On that same day, the company’s Chief Executive Officer, Virginia C. Drosos, said in a conference call that ““disruptions in our systems and processes during our credit outsourcing transition… impacted our comp sales by sixty basis points” and that these disruptions “primarily related to the conversion of IT systems and the magnitude of in-store process changes related to the new program.” Upon these revelations, SIG declined about 30.4%, or $23.05/share, closing on that day at $52.79/share.
According to the company’s website, Signet Jewelers is “the largest specialty jewelry retailer in the US, UK and Canada.” The company operates about 3,600 stores under name brands including Zales, Jared The Galleria of Jewelry, H. Samuel, Ernest Jones, and Peoples and Piercing Pagoda. The company trades on the New York Stock Exchange under the symbol SIG.
A class action lawsuit has already been filed in connection with Signet Jewelers Limited. If you wish to serve as lead plaintiff in the SIG lawsuit, you must move the Court no later than February 13, 2018. If you wish to join the litigation, please contact Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.