JAY-Z Ordered to Testify in Court in Iconix Investigation
Roc Nation will also launch a television division.
JAY-Z has been ordered by the Securities And Exchange Commission (SEC) to testify in court in an investigation into the Iconix Brand Group, a public apparel company. The SEC is looking into potential violations of federal securities laws related to Iconix’s financial reporting. Iconix reportedly paid JAY-Z, born Shawn Carter, more than $200 million USD to acquire Rocawear assets.
“We are aware that the SEC is seeking information on Iconix’s financial reporting,” says a representative for JAY-Z. “Mr. Carter had no role in that reporting or Iconix’s other actions as a public company. Mr. Carter is a private citizen who should not be involved in this matter.” JAY-Z’s attorney during this investigation is Alexander Spiro.
The hip-hop mogul has been issued an investigative subpoena but according to the SEC, the subpoena was originally issued on November 16. A second subpoena was sent but JAY-Z didn’t appear in court and declined to provide dates for investigative testimony. Hov must appear in court on May 8 at 3 p.m.
In other, JAY-Z-related news, Roc Nation will launch a television production division, Variety reports. The division will be led by Patrick Reardon and focus on creating both scripted and unscripted content.
