By  on October 30, 2009

Zale Corp.’s stock tum-bled 26 percent Friday after it reported a sharply higher fourth-quarter loss and a Securities and Exchange Commission investigation into accounting adjustments that led the jeweler to restate 2008 and 2009 earnings millions of dollars lower.

Zale disclosed the investigation began in September after the firm said it needed to postpone the release of fourth-quarter results for an accounting review, which included its treatment of advertising costs, according to vice president and treasurer David Sternblitz.

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