NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Signet Jewelers Limited (“Signet Jewelers” or the “Company”) (NYSE:SIG) of the May 30, 2017 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 Northern District of Texas on behalf of all those who purchased Signet Jewelers common stock between August 29, 2013 and February 27, 2017 (the “Class Period”). The case, Irving Firemen's Relief & Retirement System v. Signet Jewelers Limited et al, No. 3:17-cv-00875 was filed on March 28, 2017 and has been assigned to Judge Sidney Allen Fitzwater.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose adverse facts about the Company and its Sterling Family of Jewelers (“Sterling”) division.
Specifically, on February 27, 2017, The Washington Post published a report that revealed allegations of sexual harassment made in the private arbitration that implicated Sterling’s senior managers and executives. Based on a review of the Declarations, the report described accusations that female employees “were routinely groped, demeaned and urged to sexually cater to their bosses to stay employed.” Furthermore, the report noted that the arbitration includes a certified class of 69,000 women who are current or former employees of the Company.
After the announcement, Signet Jewelers’ share price fell from $72.88 per share on February 27, 2017 to a closing price of $63.59 on February 28, 2017 —a $9.29 or a 12.75% drop.
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Faruqi & Faruqi, LLP also encourages anyone with information regarding Signet Jewelers’ 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.
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