Jay-Z Subpoenaed By SEC In Iconix Brand Investigation
04 May, 2018, 14:25 | Author: Valerie Santiago
"After the acquisition, Carter and Iconix maintained publicly-disclosed partnerships related to the Rocawear brand".
The documents state that Iconix paid Jay more than $200 million to acquire intangible assets associated with his famous Rocawear clothing brand, which Iconix owns. The SEC reportedly wants Carter to testify regarding his dealings with Iconix. The agency initially issued a subpoena for Carter's testimony in November and then again in February.
A U.S. District Court judge in NY has instructed Jay-Z to appear on May 8 at 3 p.m.to show cause why an order shouldn't be issued for his testimony.
The SEC said it is investigating financial reporting at Iconix Brand Group of NY, which paid more than $200 million to acquire Rocawear assets but then wrote down the business by $169 million previous year and another $34 million in March.
A statement issued on behalf of Jay-Z by one of his representatives said the entertainer had no role in Iconix Brand Group's financial reporting or its other actions as a public company. "Mr. Carter is a private citizen and should not be involved in this matter". The lawsuit claims that the rapper's deal with New Era to produce baseball hats without the approval of Iconix. This isn't even the first time he was subpoenaed over this, having been hit with the first one in November of previous year, and after obtaining new council, didn't appear in court as required, and has not given any additional dates that he'd agree to testify.
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The SEC said Thursday that its efforts to force Carter to testify in the probe do "not reflect a determination by the SEC" that he violated federal law, the agency said.
The SEC said it is probing Iconix for possible financial reporting violations.
Iconix did not respond to a request for comment Thursday.
Carter, who married 22-time Grammy award victor Beyoncé in 2008, is worth an estimated $810 million, according to Forbes.
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