Cases
Signet Jewelers Limited (NYSE: SIG)
Securities Class Action
Overview
Overview
- Date:
- 12/19/2017
- Company Name:
- Signet Jewlers Limited
- Stock Symbol:
- SIG
- Class Period:
- FROM 8/24/2017 TO 11/21/2017
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Southern District of New York
NEW YORK, December 19, 2017 – Bragar Eagel & Squire, P.C. reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired Signet Jewelers Limited (NYSE: SIG) securities between August 24, 2017 and November 21, 2017 (the “Class Period”). Investors have until August 8, 2017 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On November 21, 2017, Signet issued a press release disclosing 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, Defendant Virginia C. Drosos (“Drosos”), Signet’s Chief Executive Officer (“CEO”) stated that “disruptions in our systems and processes during our credit outsourcing transition . . . impacted our comp sales by sixty basis points.” Drosos further stated that the disruptions were “primarily related to the conversion of IT systems and the magnitude of in-store process changes related to the new program.”
On this news, Signet’s share price fell $23.05 per share, or 30.4%, to close at $52.79 per share on November 21, 2017, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose: (1) that the Company’s efforts to convert IT systems in connection with the credit portfolio transition were negatively impacting sales; (2) that the magnitude of in-store process changes related to the new credit program were negatively impacting sales; (3) that, as such, the Company was experiencing systems and process disruptions associated with the outsourcing of its credit portfolio; (4) that the disruptions were negatively impacting the Company’s performance; and (5) 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.
.If you purchased or otherwise acquired Signet securities during the Class Period or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
On November 21, 2017, Signet issued a press release disclosing 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, Defendant Virginia C. Drosos (“Drosos”), Signet’s Chief Executive Officer (“CEO”) stated that “disruptions in our systems and processes during our credit outsourcing transition . . . impacted our comp sales by sixty basis points.” Drosos further stated that the disruptions were “primarily related to the conversion of IT systems and the magnitude of in-store process changes related to the new program.”
On this news, Signet’s share price fell $23.05 per share, or 30.4%, to close at $52.79 per share on November 21, 2017, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose: (1) that the Company’s efforts to convert IT systems in connection with the credit portfolio transition were negatively impacting sales; (2) that the magnitude of in-store process changes related to the new credit program were negatively impacting sales; (3) that, as such, the Company was experiencing systems and process disruptions associated with the outsourcing of its credit portfolio; (4) that the disruptions were negatively impacting the Company’s performance; and (5) 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.
.If you purchased or otherwise acquired Signet securities during the Class Period or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.