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Class Action Lawsuits Filed Against Zale
By Deena Taylor Posted: 11/22/09 08:19
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RAPAPORT... Four class action lawsuits were filed against Zale Corporation and certain executive officers between October 29 and November 16, 2009, charging the jewelry retailer with making a series of materially false and misleading statements about its business and operations in violation of the Securities Exchange Act of 1934.  
 
The suits were filed in the United States District Court for the Northern District of Texas on behalf of purchasers of Zale Corporation securities. The complaints allege that Zale failed to properly account for certain advertising costs and intercompany accounts receivable, which consequently led the company to overstate its results and present deceptive financial statements.  
 
No class has yet been certified in the above action. Those who would like to serve as lead plaintiffs in this lawsuit must contact the court by January 8, 2010. The suits were brought separately by the law firms of Shalov Stone Bonner & Rocco LLP, Howard G Smith, Coughlin Stoia Geller Rudman & Robbins and Glancy Binkow & Goldberg .

Zale's shares fell 26 percent upon the release of this news.

LH
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