Finkelstein Thompson LLP announces that it is investigating potential claims on behalf of shareholders of Zale Corporation (NYSE:ZLC) arising from the Company’s recent announcement of a SEC investigation. 

During its fiscal fourth-quarter earnings call on October 30, 2009, Zale revealed that recent financial audits had uncovered internal control and accounting issues and that the Company had failed to record certain advertising costs, requiring a $9 million adjustment to reported profits for 2009. Zale further stated that the restatements would reduce its fiscal 2008 earnings by $10.2 million to a loss of $6.5 million. For fiscal 2009, these adjustments amounted to a charge of $7.6 million, and Zale’s losses for the year totaled $189.5 million. Zale further disclosed that the SEC is investigating the accounting issues prompting these restatements.

When this news was revealed, Zale’s share price plummeted nearly 26% on October 30, 2009.

If you are interested in discussing your rights as a Zale shareholder, or have information relating to this investigation, please contact Finkelstein Thompson's Washington, DC offices at (877) 337-1050 or by email at This email address is being protected from spam bots, you need Javascript enabled to view it