Zale Shareholders Can't Revive Securities Fraud Suit

Law360, New York (September 1, 2011, 2:08 PM EDT) -- A Texas federal judge on Wednesday denied a motion to reopen a putative class action alleging securities fraud by retail jeweler Zale Corp., ruling that the shareholders failed to present any new arguments or evidence of wrongdoing.

Lead Plaintiff Pipefitters Local No. 636 sought to amend the final judgment of U.S. District Judge Jane J. Boyle, who ruled that accounting problems at the jewelry chain were most likely caused by an executive trying to meet her department budget than by a deliberate fraud.

Judge Boyle dismissed...
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