SEC investigation of Zale wraps up with no penalty

Zale Corp. will not face any penalties following the conclusion of a Securities and Exchange Commission investigation, the company said Friday.

The SEC launched the investigation in October 2009 after the Dallas jewelry company said it would restate its 2008 and 2009 earnings following a review of its accounting for advertising costs.

“We are glad to share with our investors and employees that this matter is now behind us as we continue to focus on returning our business to profitability,” CEO Theo Killion said in a statement.

In February, Zale reported its second-quarter profit more than quadrupled, in part the result of a better Christmas holiday.

The company’s stock dipped 2 cents to $3.80 in morning trading.

On November 21st, 2009, posted in: Latest News by
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