The SEC is now investigating potential violations of the federal securities laws related to financial reporting of Iconix Brand Group, Inc., which licenses brands to apparel, footwear and apparel accessory retailers and manufacturers, according to documents filed in federal court. The SEC further said that after the acquisition, both Carter and Iconix "maintained publicly disclosed partnerships related to the Rocawear brand". "Mr. Carter is a private citizen who should not be involved in this matter", the statement said.
The dates on which Jay-Z will appear in court to testify are unknown, as of Thursday afternoon.
"The application does not reflect a determination by the SEC or its staff that Carter has violated provisions of the federal securities laws at issue in the investigation", states a SEC press release.
Rapper Jay-Z stands on the sidelines as the New York Jets play against the Dallas Cowboys during their NFL Season Opening Game at MetLife Stadium on September 11, 2011 in East Rutherford, New Jersey. But in March 2016, the company announced a $169 million write-down of Rocawear, followed by a $34 million write down in March of this year, the SEC said.
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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.
Simply asserting he does not have relevant information will likely not be enough for Carter to be allowed to ignore the subpoena, Chase said.
Jay-Z has wide-ranging business affairs, stretching from Tidal (a streaming service that has issued equity to other artists) to sports management to brand endeavors, but the SEC is interested in his relationship with Iconix Brand Group, a public apparel company.
The representative did not comment on his plans for responding to the court order next week. Iconix has faced a series of troubles in recent years, including slipping sales and a number of high-profile executive departures.