Zale Corp. (2009)
Class Period: Nov 16, 2006 to Oct 29, 2009
Lead Plaintiff Deadline: Jan 8, 2010 + Deadline passed
Summary of Case:
A securities class action has been filed against Zale Corp. (2009) (ZLC) ("Zale" or the "Company") on behalf of all securities purchasers from November 16, 2006 through October 29, 2009, inclusive ("Class Period"), in the United States District Court for the Northern District of Texas.
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 Zale's business, operations, and prospects. Specifically, defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company improperly recorded certain advertising costs as prepaid advertising rather than recording the cost as an expense; (2) that the Company improperly accounted for intercompany accounts receivable associated with its wholly owned insurance subsidiaries; (3) that, as a result, the Company's financial results were overstated during the Class Period; (4) that the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles; (5) that the Company lacked adequate internal and financial controls; and (6) that, as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
As a result of defendants' wrongful acts and omissions, and the precipitous decline in the market value of the Company's securities, Plaintiff and other Class members have suffered significant losses and damages.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.