* SEC looking into issues that led to restatement

* Q4 loss $2.81/shr vs year-earlier loss $0.30/shr

* Q4 loss ex-charges $0.59/shr vs Wall St loss $0.78 view

* Shares down over 22 percent (Adds company comments, byline; updates share move)

By Brad Dorfman

CHICAGO, Oct 30 (Reuters) - Zale Corp (ZLC.N: Quote, Profile, Research) said on Friday that the U.S. Securities and Exchange Commission is investigating accounting issues that led the jewelry retailer to restate 2008 and 2009 earnings, sending its shares down over 22 percent.

The investigation began after the company said in September that it would need to postpone fourth-quarter results for a review of accounting, which included how the company posted advertising expenses and accounted for income tax.

For example, the company found that advertising expenses had not been posted in the period the ads ran, which they should be, said Zale treasurer David Sternblitz.

"At this time we do not believe that the investigation will have a material effect on our financial condition or results of operations," Chief Financial Officer Matthew Appel said during a conference call with analysts. Appel joined Zale as CFO in May.