Zale shares plunge on SEC probe into accounting practices (ZLC)

Fri. October 30, 2009; Posted: 03:25 PM

Oct 30, 2009 (SmarTrend(R) News Watch via COMTEX) -- ZLC | Quote | Chart | News | PowerRating -- 10/30/2009-Shares of Zale (NYSE:ZLC) are trading more than 15% lower Friday after the jewelry company said it was under investigation by the SEC. The SEC probe was put into motion after the company said it would need to restate its 2008 and 2009 earnings reports after questions arose from a accounting review of its advertising costs. The company's CFO Matt Appell said that following a review of the firm's accounting on advertising costs they found "certain advertising costs previously recorded as prepaid were expensed in periods subsequent to the period in which the advertisement actually ran."

Write to Chip Brian at cbrian@tradethetrend.com

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For full details on Zale Corporation (ZLC) click here. Zale Corporation (ZLC) has Short Term PowerRatings of 8. Details on Zale Corporation (ZLC) Short Term PowerRatings is available at This Link.

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