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Zale Staves Off SEC Charges

Law360 (September 25, 2006, 12:00 AM EDT) -- Zale Corp. announced Sunday that the U.S. Securities and Exchange Commission has finished its investigation of the company and will not recommend any enforcement action.

The revelation ostensibly ends a six-month probe of the jewelry retailer, in which the SEC subpoenaed documents related to various accounting practices and other matters, including extended service agreements, leases, accrued payroll, executive compensation, severance, earnings outlooks and stock trading.

“Although we are clearly focused on the business at hand, we are pleased to put this matter behind us,” said Zale’s...
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