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The investigation concerns whether Signet and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On June 2, 2016, James Grant's investment newsletter issued a report raising concerns about the extent to which Signet used its credit operations to boost sales, and also referenced a previously published story on Buzzfeed about customers complaining that their diamonds had been unknowingly replaced with lesser-quality gems by Signet's Kay Jewelers stores.
On this news, Signet stock fell as much as $13.93, or 14.11%, to a low of $84.80 during intraday trading on June 2, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-signet-jewelers-ltd--sig-300319458.html
SOURCE Pomerantz LLP