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On October 29, 2009, Zale filed its Annual Report for the fiscal year ended July 31, 2009. This report contained restated financial information for fiscal 2008 and 2009, which reflected accounting adjustments for advertising costs, intercompany accounts receivable, depository bank accounts, federal income taxes and personal property taxes. The report also disclosed that the United States Securities Exchange Commission is investigating the accounting issues that relate to the restatement of the 2008 and 2009 earnings.
In response to this announcement, Zale shares dropped nearly 26% by $1.66 per share, closing at $4.73 per share on October 30, 2009, on unusually heavy volume.
Kendall Law Group, a Dallas based law firm, has nationwide experience representing investors in mergers and acquisitions. If you have information about this case to share or to inquire about your rights as a Zale shareholder, contact attorney Hamilton Lindley at 877-744-3728 or by email at hlindley@kendalllawgroup.com.
The Kendall Law Group, LLP logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6273
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Kendall Law Group, LLP
CONTACT: Kendall Law Group, LLP Hamilton Lindley (877) 744-3728 (214) 744-3000 Fax: (214) 744-3015 hlindley@kendalllawgroup.com www.kendalllawgroup.com 3232 McKinney Ave., Ste. 700 Dallas, TX 75204
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