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Zale Corporation Hit By Shareholder Investigation
Investigation on behalf of investors in Zale Corporation (Public, NYSE-ZLC) over possible violations of securities laws – Contact the Shareholders Foundation, Inc at email@example.com
By: Shareholders Foundation, Inc.
If you purchased Zale Corporation shares between November 16, 2006 and October 29, 2009 and or are a current long term ZLC shareholder, you should contact the Shareholders Foundation, Inc at:
or at: +1 (858) 779 - 1554
The investigation by a law firm focuses on potential claims against Zale Corporation , concerning possible securities violations in relation to public statements made by Zale Corporation between November 16, 2006 and October 29, 2009 and that these were false and misleading in light of Zale Corp’s disclosure that Zale Corp’s previously issued financial statements for fiscal years 2008 and 2007, and interim periods therein, contain errors and should no longer be relied upon. On October 29, 2009, Zale Corporation filed its Annual Report with the United States Securities and Exchange Commission (the "SEC”) for the fiscal year ended July 31, 2009, containing restated financial information for fiscal 2008 and 2009 to reflect certain accounting adjustments for advertising costs, intercompany accounts receivable, depository bank accounts, federal income taxes and personal property taxes. Therein, Zale Corp. further disclosed that the SEC is investigating the accounting issues that led Zale Corp to restate its 2008 and 2009 earnings, so the investigation. On this news, shares of Zale Corp (ZLC) declined $1.66 per share, nearly 26%, to close on October 30, 2009, at $4.73 per share, on unusually heavy volume.
Zale Corporation, located in Irving, Texas, is a specialty retailer of fine jewelry in North America. At July 31, 2008, the Company operated 1,396 specialty retail jewelry stores and 739 kiosks located mainly in shopping malls throughout the United States, Canada and Puerto Rico. Zale Corporation reported on July 31, 2007 a past 12month Total Revenue of $2.15278billion, on July 31, 2008 a past 12 month Total Revenue of $2.13804billion, and on July 31, 2009 a past 12 month Total Revenue of $1.77974billion. Shares of Zale Corporation traded recently at $4.73 per share, down from its 52weekHigh of $17.75 per share, $30.89 per share in 2008, and $29.82 per share in 2007.
Those who purchased Zale Corporation shares between November 16, 2006 and October 29, 2009 and or are a current long term ZLC shareholder, should contact the Shareholders Foundation, Inc at:
or at: +1 (858) 779 – 1554
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423 -
92108 San Diego
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Advertising. The Shareholders Foundation, Inc. is an investor advocacy group. We do research related to shareholder issues and inform investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. At Shareholders Foundation, Inc. we are in contact with a large number of shareholders. We believe that together we can combine the interests of many investors, and use the size of our interest as leverage against the giant corporations. We offer help, support, and assistance for every shareholder. We help investors find answers to their questions and equitable solutions to their problems. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.