The law firm Federman & Sherwood of Oklahoma City has initiated an investigation on behalf of investors Signet Jewelers Ltd. in connection with the possible violation of certain high-ranking representatives of the jewelery companies in the US Securities Act and Exchange Act of 1934, according to IDEX Online.
The investment firm James Grant letter dated June 2, concerns were expressed as to whether that Signet has used its credit operations to increase sales.
Seeking Alpha article on June 6 refers to the allegation that the stores Kay Jewelers, a subsidiary of Signet's, diamonds in jewelry have been replaced by lower quality stones after repairing them. The report also notes that Signet took a lot of "bad" loans, which has a negative impact on the company's shares.
Earlier this month, CEO of Signet Mark Layt (Mark Light) issued a strongly worded statement, which denied the accusations in the substitution of diamonds, saying that trust is the cornerstone of the company's business.
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