An investigation was announced for investors in NYSE:SIG shares concerning possible breaches of fiduciary duties at Signet Jewelers Ltd.
The investigation by a law firm concerns whether certain Signet Jewelers directors breached their fiduciary duties and caused damage to the company and its shareholders.
On June 2, 2016, a report was issued raising concerns about the extent to which Signet Jewelers Ltd. used its credit operations to boost sales, and also referenced a previously published story on Buzzfeed about customers of the Company’s Kay Jewelers stores complaining that their diamonds had been unknowingly replaced with lesser-quality gems.
On August 25, 2016 a lawsuit was filed against Signet Jewelers Ltd over alleged securities laws violations. The plaintiff claimed that the Defendants made false and/or misleading statements and/or failed to disclose that the Company was experiencing difficulty ensuring the safety of customers’ jewelry while in the custody of Signet’s brands, that employees at stores under at least one of Signet’s brands (Kay) were swapping customers’ stones for less valuable stones, that the Company was experiencing a drop-off in customer confidence, that the Company was facing increasing competitive pressures, that, as result of the foregoing, the Company’s financial performance was being negatively impacted, and that, as a result of the foregoing, Defendants’ positive statements about Signet’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On Monday, February 27, 2017, it was reported that a subsidiary of Signet Jewelers Ltd allegedly discriminated against female employees. Additionally, it was reported that about 250 female employees testified in arbitration filings that male managers and executives engaged in rampant sexual harassment for years and that a private arbitrator ruled that about 69,000 current and former female sales associates of mall jewelry stores Kay and Jared, owned by a subsidiary of Signet Jewelers Ltd, can sue for discrimination and back wages.
Shares of Signet Jewelers Ltd. (NYSE:SIG) closed on March 13, 2017 at $68.68 per share.
Those who purchased NYSE:SIG shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
92108 San Diego
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