Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
Judge Certifies Signet Investor Lawsuit as a Class Action
It now includes all persons or entities that acquired Signet common stock from Aug. 29, 2013 to May 25, 2017.
New York—A federal judge in New York has certified a lawsuit filed by shareholders against Signet Jewelers Ltd. as a class action and declined the retailer’s request to revisit the ruling.
The lawsuit, filed in 2016 by The Public Employees’ Retirement System of Mississippi, accuses the retailer of misrepresenting two aspects of the company: the health of its credit portfolio (which the company has since outsourced) and the depth and breadth of allegations of a culture of “pervasive” sexual harassment.
The suit now includes all persons or entities that acquired Signet common stock from Aug. 29, 2013 to May 25, 2017.
The day following the class certification, July 11, Signet’s counsel asked the judge for clarification regarding evidence pertaining to the sexual harassment aspect of the suit, particularly the role its Code of Conduct played in misleading investors.
Signet had sought dismissal of the sexual harassment aspect of the lawsuit in May, claiming that its Code of Conduct was an example of “puffery” and acting in contrast to it shouldn’t be viewed as misleading investors.
(Claiming a statement is “puffery”—that it is so general the average person would not rely upon it as fact—is often used as a defense against claims of fraud, especially claims of false advertising.)
U.S. District Judge Colleen McMahon denied Signet’s motion, noting that some statements included in a company’s code of conduct can be specific enough for investors to rely upon when deciding to invest in a company and highlighted the importance of context given Signet’s ongoing legal proceedings, particularly Jock, et al. v. Sterling Jewelers Inc., the case filed in March 2008 by several women accusing the company of discriminatory pay and promotion practices based on their gender.
“The problem for defendants is that … Signet’s codes of conduct and ethics—again, reincorporated by reference in Signet’s SEC filings and posted on Signet’s website after Jock was filed—touted certain values and practices that constitute the exact opposite of what the company allegedly valued and practiced,” she wrote in a court filing.
The investors’ counsel viewed the request for clarification as Signet’s latest attempt to dismiss the company culture aspect of the case after five failed attempts to do so, calling it the “sixth bite at the proverbial apple.”
McMahon sided with the plaintiffs in a handwritten memo scribbled on top of Signet’s request for clarification, writing: “I agree with the plaintiff’s counsel—my ruling is crystal clear. There is nothing to
The case, known as In re Signet Jewelers Limited Securities Litigation, is currently in pre-trial proceedings.
Signet Jewelers declined to comment on the judge’s decisions, saying it does not comment on pending legal matters.
The Latest
Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
The Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The announcement came as the company reported a 23 percent drop in production in Q1.
A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
The selected nine organizations have outlined their plans for the funds.
The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
Emmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
Ruser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
The “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
The overhaul includes a new logo and enhanced digital marketplace.
A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.