Robbins LLP: Signet Jewelers Limited (SIG) Misled Shareholders According to a Recently Filed Class Action
Robbins LLP announces that a class action complaint was filed against Signet Jewelers Limited (NYSE: SIG) in the U.S. District Court for the Northern District of Texas, Dallas Division. The complaint is brought on behalf of all purchasers of Signet securities between August 29, 2013 and February 27, 2017, for alleged violations of the Securities Exchange Act of 1934 by Signet’s officers and directors. 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. Signet operates stores through well-known brand names such as “Kay,” “Jared,” and “Zales.”
Signet Accused of Fostering Culture of Sexual Harassment in Its Stores
According to the complaint, on August 20, 2013, Signet filed its Form 10-Q with the U.S. Securities and Exchange Commission, stating that in March 2008, a class action lawsuit was filed against Sterling Jewelers, Inc., a subsidiary of Signet, alleging that U.S. store-level employment practices are discriminatory as to compensation and promotional activities with respect to gender. Signet also vehemently stated in the filing that it denies the allegations. In subsequent press releases, Signet noted that the company was pleased with its financial results and that its competitive strengths leave the company well-positioned to achieve its objectives in the coming year. Signet continued to emphasize its solid performance and earnings per share growth all while continuing to deny the allegations in the lawsuit.
On February 27, 2017, The Washington Post published an article revealing more details about the lawsuit, stating that hundreds of former employees of Kay and Jared jewelers claimed that the company fostered a corporate culture of rampant sexual harassment and discrimination. The unresolved class action case, which now includes 69,000 women, alleges that top male managers pushed female subordinates into sex by pledging better jobs, higher pay, or protection from punishment. The article further stated that although women made up a large part of the sales force, they felt they had little recourse with their mostly male management. On this news, Signet’s stock fell by $9.29 per share, or nearly 13%, to close at $63.59 per share on February 28, 2017.
Signet Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, or you can complete the form below and we will contact you directly.