| Company: | Zale Corporation |
| Ticker Symbol: | ZLC |
| Class Period: | Nov-16-06 to Oct-29-09 |
| Date Filed: | Nov-11-09 |
| Lead Plaintiff Deadline: | Jan-10-10 |
| Court: | Northern District of Texas |
| Allegations: | |
The Complaint charges that Zale and certain of the Company's officers and directors violated federal securities laws. Specifically, the defendants failed to disclose the following facts: (i) Zale improperly recorded certain advertising costs as prepaid advertising rather than as an expense; (ii) Zale improperly accounted for intercompany accounts receivable associated with its wholly owned insurance subsidiaries; (iii) Zale's financial results were overstated during the Class Period; and (iv) the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles.
On October 29, 2009, Zale filed its Annual Report with the SEC for the fiscal year ended July 31, 2009, containing restated financial information for fiscal 2008, 2009, and prior periods, to reflect certain accounting adjustments for advertising costs, intercompany accounts receivable, depository bank accounts, federal income taxes, and personal property taxes. Therein, Zale further disclosed that the SEC is investigating the accounting issues that led to the 2008 and 2009 restatements. On this news, Zale fell nearly 26%, to $4.73 per share on October 30, 2009.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
