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SEC wants Jay-Z to testify about clothing brand deal
May 25 2018, 02:59 | Perry Erickson
Jay-Z Receives Investigative Subpoena from the SEC
In 2007, New York-based Iconix Brand Group paid Carter more than $200 million for Rocawear, an apparel brand co-founded by the hip-hop star.
In a statement, a representative of Carter's said he was aware the SEC was probing Iconix's financial reporting, but since he had "no role in that reporting or Iconix's other actions as a public company" he should "not be involved in this matter".
Jay-Z has been subpoenaed twice in the case and has ignored both subpoenas.
The SEC's application states that the Commission seeks Carter's testimony to inquire about, among other things, Carter's joint venture with Iconix.
Boeing 1Q profits jump, lifts 2018 forecast The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website . COPYRIGHT VIOLATION NOTICE: This piece was first posted by Enterprise Leader and is the sole property of of Enterprise Leader.
In March of 2016, Iconix wrote down a massive $169 million related to its Rocawear buyuout.
The rapper needs to say next week why he's dismissing a February subpoena in the Securities and Exchange Commission, U.S. District Judge Paul G. Gardephe claimed within a arrangement openly filed Thursday. 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 objective of individuals who realized of trades involving his organizations Jay-Z along with Iconix.
The SEC first issued a subpoena for the entertainer's testimony in November. Carter failed to appear as required by the subpoenas and, through his counsel, declined to provide any additional dates on which he will agree to appear for investigative testimony, according to the SEC. "Imagine if everyone who gets an SEC subpoena could decide whether or not to comply". Rocawear was one of his early business successes. Iconix sued Carter previous year, claiming a copyright infringement over his continued use of his Roc Nation brand to sell clothing products, now under the name Paper Plane.
The company, whose retail brands include Joe Boxer and Candie's, did not immediately respond to requests for comment. It posted a $557 million loss a year ago, while annual revenue fell 7 percent to $226 million.