According to the law firm press release, the complaint 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 made false and/or misleading statements and/or failed to disclose: (1) that the Company was experiencing difficulty ensuring the safety of customers’ jewelry while in the custody of Signet’s brands; (2) that employees at stores under at least one of Signet’s brands (Kay) were swapping customers’ stones for less valuable stones; (3) that the Company was experiencing a drop-off in customer confidence; (4) that the Company was facing increasing competitive pressures; (5) that, as result of the foregoing, the Company’s financial performance was being negatively impacted; and (6) 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 November 21, 2016, the Court appointed Lead Plaintiffs and Counsel. Lead Plaintiff filed an amended complaint on January 30, 2017.
On July 27, 2017, the Court issued an Order vacating the earlier Order appointing Lead Plaintiffs and Counsel, and appointing new Lead Plaintiff and Counsel. The new Lead Plaintiff filed an amended Complaint on September 29. Defendants filed a Motion to Dismiss the amended complaint on December 1. Plaintiffs filed an amended Complaint on December 22.
On January 7, 2018, the Court issued an Order consolidating cases.
On March 16, Lead Plaintiff filed a Letter Motion for leave to file an amended Complaint. On March 20, the Court issued an Order granting Plaintiff's Motion for Leave to file a fifth amended Complaint. The Order denies as moot Defendants' Motion to Dismiss the third amended Complaint and denies without prejudice Defendants' Motion to dismiss the fourth amended Complaint. Lead Plaintiff was given leave to file the fifth amended Complaint by March 22, 2018. On March 22, Lead Plaintiff filed a fifth amended Complaint.