WASHINGTON, D.C. — U.S. Market Advisors Law Group PLLC announces that a class action lawsuit has been filed against Signet Jewelers Limited (“Signet”) (NYSE:SIG) on behalf of purchasers of Signet common stock during the period between August 29, 2013 and February 27, 2017 (the “Class Period”). The action is filed in the Northern District of Texas and is captioned Irving Firemen’s Relief & Retirement Fund v. Signet Jewelers Limited, et al., No. 17-cv-00875.
The complaint charges Signet and certain of its current and former officers and/or directors with violations of the Securities Exchange Act of 1934. 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.
The complaint alleges that during the Class Period, defendants issued false and misleading statements and/or failed to disclose adverse information regarding Signet’s business and prospects, including that alleged sexual harassment by employees of Signet’s Sterling Family of Jewelers division (“Sterling”), including numerous incidents of sexual assault and rape, which were detailed in approximately 249 declarations signed under penalty of perjury by current and former Sterling employees (the “Declarations”), made it unlikely that Signet would be able to avoid paying a sizable amount of damages in connection with a class action lawsuit filed by Sterling employees. As a result of this information being withheld from the market, the Company’s stock traded at artificially inflated prices during the Class Period, reaching a high of $150.94 per share.
On February 26, 2017, the public gained access to the Declarations, spanning over 1,300 pages of sworn testimony, which painted a picture of a Company in which sexual harassment, including sexual assault, was not just tolerated but modeled at Company functions by top executives, including the Company’s Chief Executive Officer, defendant Mark S. Light (“Light”). The Declarations were submitted in a private arbitration against Sterling in June 2013, but remained under seal until February 26, 2017. On February 27, 2017, after the markets closed, The Washington Post published a report (the “Report”) that revealed widespread allegations of sexual harassment made in the private arbitration that implicated Sterling’s senior managers and executives, including defendant Light and other Company leaders. As a result of the news revealed in the Report, the price of Signet common stock suffered its biggest one-day drop in eight years, falling $9.29 per share to close at $63.59 per share on February 28, 2017, a one-day decline of nearly 13% and a 58% decline from the stock’s Class Period high.
If you suffered a loss from Signet investments you have until May 29, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery does not require that you serve as a lead plaintiff. Concerned shareholders who would like more information about their rights and potential remedies can contact U.S. Market Advisors Law Group PLLC.
U.S. Market Advisors Law Group PLLC is a law firm based in Washington, D.C. The firm represents investors worldwide in U.S. securities class action lawsuits.
David P. Abel