DALLAS -- Zale Corp. announced Friday that it has been cleared by the Securities and Exchange Commission in its investigation and that the SEC will not take any action against the company.
The SEC began investigating the jeweler in October 2009 after it restated its 2008 and 2009 earnings. The company said at the time that a financial audit had uncovered internal control and accounting issues related to advertising costs, income taxes and internal company payments, among other things.
We are pleased to announce that the SEC has concluded its investigation,” said Theo Killion, CEO, Zale. “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.”