Law Firm Investigates Signet for Possible Federal Securities Law Violations
June 16, 16
(IDEX Online News) – Oklahoma City law firm Federman & Sherwood has initiated an investigation on behalf of Signet Jewelers Ltd.’s investors, due to concerns over whether the company and certain of its officers had violated sections of the Securities Exchange Act of 1934.
A June 2 James Grant investment letter issued a report raising concerns about the extent to which Signet used its credit operations to boost sales.
A June 6 Seeking Alpha article referenced recent allegations that Signet’s Kay Jewelers stores had replaced diamonds in jewelry with lesser quality gems, after having been sent for repair. That report also noted that Signet had taken on an increasing number of bad loans, which has had a negative effect on the company’s share price.