Zale: SEC Investigation Continues

The Securities and Exchange Commission is “continuing to investigate” Zale
Corp. over accounting errors that caused it to amend its 2008 and 2009
financial statements, the company announced in its recently filed 10-K.

The filing added the “company cannot predict the outcome or duration of the
investigation,” but notes that “management
believes that such litigation and claims will be resolved without material
effect on our financial position or results of operations.”

The SEC investigation was first announced last year.
The errors and eventual restatement of the financial reports have also led to
two class action lawsuits, the company said, which were recently consolidated
into one.

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