The complaint alleges that during the Class Period, defendants issued false and misleading statements and/or failed to disclose adverse information regarding Signet’s business and prospects, including that alleged sexual harassment by employees of Signet’s Sterling Family of Jewelers division (“Sterling”), including numerous incidents of sexual assault and rape, which were detailed in approximately 249 declarations signed under penalty of perjury by current and former Sterling employees (the “Declarations”), made it unlikely that Signet would be able to avoid paying a sizable amount of damages in connection with a class action lawsuit filed by Sterling employees.
On February 26, 2017, the public gained access to the Declarations which painted a picture of a Company in which sexual harassment and sexual assault, was not just tolerated but modeled at Company functions by top executives. The Declarations were submitted in a private arbitration against Sterling in June 2013, but remained under seal until February 26, 2017. On February 27, 2017, after the markets closed, The Washington Post published a report that revealed widespread allegations of sexual harassment made in the private arbitration that implicated Sterling’s senior managers and executives, including defendant Light and other Company leaders.
Shareholders have until July 5, 2017 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.