Rapper Jay-Z Subpoenaed In SEC Probe Into Rocawear Deal

"We are aware that the SEC is seeking information on Iconix's financial reporting", a representative for Carter told CNBC.

Jay-Z's lawyer Alex Spiro protested in a Thursday statement that the rapper "had no role in that reporting or Iconix's other actions as a public company", and that "Mr. Carter is a private citizen who should not be involved in this matter". 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 company allegedly paid JAY-Z over $200 million to acquire assets affiliated with the Rocawear apparel brand.

According to Time, Jay Z has been subpoenaed by the Securities and Exchange Commission (SEC) in order to obtain testimony from him regarding a business deal he made back in 2007.

The dates on which Jay-Z will appear in court to testify are unknown, as of Thursday afternoon.

Jay-Z has been subpoenaed twice in the case and has ignored both subpoenas.

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.

The initial SEC subpoena came in November, while the agency issued a second subpoena in February after the hip-hop mogul retained new counsel.

Now, the SEC if fighting back. "After the acquisition, Carter and Iconix maintained publicly-disclosed partnerships related to the Rocawear brand".

Iconix attorneys failed to immediately return e mails seeking comment.

The company, which began 40 years ago as the shoe company Candie's, has grown to include more than two dozen American brands, including Danskin, Umbro and London Fog that the company licenses to mainstream retailers. It posted a $557 million loss previous year, while annual revenue fell 7 percent to $226 million.


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