The hip-hop mogul is the target of a Securities and Exchange Commission enforcement action for failing to testify as part of an investigation into Iconix Brand Group Inc., which paid $200 million to acquire assets from his Rocawear apparel brand.
Jay-Z, whose real name is Shawn Carter, owns a clothing brand called Rocawear. It says in court papers it's investigating Iconix to learn if federal securities laws were violated when the company reported financial results. It also said that it wants to learn about his other businesses that did business with Iconix along with also his awareness of the wisdom and goal of individuals who realized of trades involving his organizations Jay-Z along with Iconix.
The SEC described Jay-Z, whose hits include "99 Problems" and "Empire State of Mind", as an "important witness" who has "defied two lawful subpoenas", failing to show up twice for scheduled testimony. This most recent filing claims that he still hasn't provided the commission with availability dates for a court appearance, with the representative's statement above clearly explaining why he hasn't.
American rapper Jay-Z, pictured here performing Bercy arena in Paris, Oct 17, 2013, is now in trouble.
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Carter must appear in a Manhattan court room on May 8 to make his case, according to a court document made public Thursday.
A Iconix spokesperson could not be immediately reached for comment. And just previous year, the company triggered another Rocawear write-off to the tune of $34 million. The SEC is seeking Jay-Z's testimony after the company wrote down the value of Rocawear by $169 million in March 2016 and another $34 million this year.
The SEC is looking ask about his joint ventures with Iconix, among other things. In Thursday trading, Iconix shares were plunging - which is usually the impact of an SEC investigation into potential shadiness.