December 15, 2017 - An investor in shares of Signet Jewelers Ltd. (NYSE:SIG) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Signet Jewelers Ltd. in connection with certain allegedly false and misleading statements made between August 24, 2017, and November 21, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Signet Jewelers Ltd. (NYSE:SIG) common shares between August 24, 2017, and November 21, 2017, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between August 24, 2017, and November 21, 2017, the Defendants failed to disclose that the Company’s efforts to convert IT systems in connection with the credit portfolio transition were negatively impacting sales, that the magnitude of in-store process changes related to the new credit program were negatively impacting sales, that, as such, the Company was experiencing systems and process disruptions associated with the outsourcing of its credit portfolio, that the disruptions were negatively impacting the Company’s performance, 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.

Bermuda based Signet Jewelers Limited Signet Jewelers Ltd. reported that its Total Revenue declined from over $6.55 billion for the 52 weeks period that ended on Janaury 30, 2016 to over $6.4 billion for the 52 weeks period that ended on January 28, 2017 and that its Net Income over those respective time periods increased from $467.90 million to $543.20 million.

Shares of Signet Jewelers Ltd. (NYSE:SIG) reached as high as $77.94 per share on November 17, 2017.

On November 21, 2017, Signet Jewelers Ltd. disclosed 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, Signet’s Chief Executive Officer Virginia C. Drosos stated that “disruptions in our systems and processes during our credit outsourcing transition . . . impacted our comp sales by sixty basis points.” Virginia C. 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.”

Shares of Signet Jewelers Ltd. (NYSE:SIG) declined to as low as $49.08 per share on December 5, 2017.

On December 15, 2017, NYSE:SIG shares closed at $53.75 per share.