Signet Jewelers Limited is a large retailer of diamond jewelry. The company is domiciled in Bermuda and headquartered in Akron, Ohio and their brands include Kay Jewelers, Zales, and Jared.
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. On March 30, Defendants filed a Motion to Dismiss the fifth amended Complaint. The Court issued an Order denying the Motion to Dismiss on November 26.
On March 15, 2019, Plaintiffs filed a Motion for Class Certification. On May 9, Defendants filed a Motion for Judgment. On June 11, the Court issued an Order denying Defendants' Motion for Judgment. On July 10, the Court granted Plaintiffs' Motion for Class Certification. On October 28, the Court issued an Order consolidating cases. On November 20, Defendants' appealed the Courts' granting of Class Certification.
Defendants withdrew their appeal of the Class Certification Order on January 16, 2020. The parties entered into a Stipulation and Agreement of Settlement on March 16. On April 14, the Court granted preliminary approval of the Settlement. On July 21, the Court granted final approval of the Settlement and entered Final Judgment. The Court approved the Settlement's Distribution Plan on November 17.