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    Friday, October 30, 2009

    SEC to Probe Zale Corp

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      Jewelry retailer Zale Corp. (ZLC) saw its stock plunge nearly 26%, after the company announced its books will be investigated by the Securities and Exchange Commission in a conference call Friday. 

      After postponing the release of its fourth-quarter results two times before finally reporting Friday, Zale Corp. announced it will restate its earnings for 2008 and 2009 after it reviews its accounting for certain advertising costs.

      The company said in the conference call that after conducting a review of advertising accounting, it found “certain advertising costs previously recorded as prepaid were expensed in periods subsequent to the period in which the advertisement actually ran,” according to a report by Reuters.

      Shares of Zale Corp. fell $1.66 or 25.98% to close at $4.73 per share on Friday.

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