NEW YORK, Dec. 27, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Signet Jewelers Limited ("Signet" or the "Company") (NYSE: SIG) of the February 13, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Signet stock or options between August 24, 2017 and November 21, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/SIG. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
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Attn: Richard Gonnello, Esq.
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The lawsuit has been filed in the U.S. District Court for the United States District Court for the Southern District of New York on behalf of all those who purchased Signet securities between August 24, 2017 to November 21, 2017 (the "Class Period"). The case, Aydin v. Signet Jewelers Limited et al, No. 1:17-cv-09853 was filed on December 15, 2017, and has been assigned to Robert W. Sweet.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that its efforts to convert IT systems in connection with its credit portfolio transition were negatively impacting store sales.
Specifically, on August 24, 2017, the Company and its CEO, Virginia C. Drosos, announced positive second quarter financial results. On October 23, 2017, the Company announced that it had completed the first phase of the strategic outsourcing of its in-house credit program to Alliance Data Systems Corporation.
Then, in a press release dated November 21, 2017, Signet revealed that its Q3 2017 same store sales were down five percent, in part due to "systems and process disruptions associated with outsourcing of the credit portfolio." On a conference call held the same day, Drosos stated that "disruptions in our systems and processes during our credit outsourcing transition . . . impacted our comp sales by sixty basis points."
After the announcement, Signet's share price fell from $75.84 per share on November 20, 2017 to a closing price of $52.79 on November 21, 2017—a $23.05 or a 30.4% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who 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 to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Signet's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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