Jay-Z has been subpoenaed - for a third time - by the Securities Exchange Commission (SEC) about an ongoing probe into Iconix Brand Group, NBC News is reporting. It said the company paid Jay-Z more than $200 million to acquire assets associated with his Rocawear apparel brand. But the SEC says Iconix's financial reporting around its Rocawear acquisition - and potentially other dealings - are suspicious.
The SEC initially sent a subpoena to Carter in November, and then another one in February, but he did not comply with either one. 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.
Among other things, the SEC said it desires jayz to reveal exactly the worth of their Rocawear trade mark along with also his engagement with all the brand to Iconix after the sale. In its Thursday statement announcing the enforcement action, the SEC identified Jay-Z by his given name, Shawn Carter.
Although Iconix bought the brand - for a cool $204 million - Jay-Z retains his stake in the company, and he continues to be involved in its marketing, licensing, and product development.
Carter must appear in a Manhattan court room on May 8 to make his case, according to a court document made public Thursday.
Hip-hop megastar Jay-Z should be compelled to testify in an investigation into the sale of his Rocawear apparel brand, after he ignored an order to show up for questioning, U.S. market regulators said Thursday. And just past year, the company triggered another Rocawear write-off to the tune of $34 million. But in March 2016, Iconix lowered the value of Rocawear by $169 million, according to the SEC.
Iconix attorneys failed to immediately return e mails seeking comment. It posted a $557 million loss past year, while annual revenue fell 7 percent to $226 million.