SAN DIEGO & HAMILTON, Bermuda--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that investors filed a class action complaint against Signet Jewelers Limited (NYSE: SIG). The complaint is brought on behalf of all purchasers of Signet securities between August 24, 2017 and November 21, 2017, for alleged violations of the Securities Exchange Act of 1934 by Signet's officers and directors. Signet sells diamond jewelry and watches in the United States and other countries.
View this information on the law firm's Shareholder Rights Blog: https://www.robbinsarroyo.com/signet-jewelers-ltd-dec-17/
Signet Accused of Failing to Reveal True Negative Impact of its IT System Conversion
According to the complaint, on October 23, 2017, Signet announced the successful completion of the first phase of the company's strategic outsourcing of its in-house credit program. Signet emphasized that it "has allowed us to reduce our outstanding debt and return capital to our shareholders." While touting the promising potential of the company's new credit program, Signet failed to disclose that the magnitude of in-store process changes related to the program were negatively impacting sales. On November 21, 2017, Signet revealed that its Q3 2017 same store sales were down five percent due to disruptions in the company's IT systems and processes during the credit outsourcing transition. On this news, Signet's stock fell $23.05 per share, or over 30%, to close at $52.79 per share on November 21, 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, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
