SEC Seeking Jay Z Testimony on Rocawear-Iconix Deal

Jay-Z Receives Investigative Subpoena from the SEC

The Securities and Exchange Commission, on May 3, filed a subpoena enforcement action against Shawn Carter, better known as rapper Jay-Z.

The SEC has been looking more into Iconix financial reporting and in relation to Rocawear, they more than $200 million they paid to acquire "intangible assets" associated with the brand. "After the acquisition, Carter and Iconix maintained publicly-disclosed partnerships related to the Rocawear brand". The SEC says it is investigating whether Iconix broke any securities laws related to financial reporting.

A representative for the music icon, who is now based in Los Angeles, has not revealed whether Jay-Z will honor the court summons, but declares, "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", the statement reads. On Feb. 23, 2018, after Carter retained new counsel, the Commission issued a second subpoena for his testimony.

Without a sufficient excuse, Jay-Z will be ordered to appear before the SEC in Washington on May 11 and will be required to answer questions for as many days as it takes, the judge said. The agency is seeking Carter's testimony after Iconix wrote down the value of Rocawear by $169 million in March 2016 and another $34 million this year, the SEC said.

Kim tells China he'll press on with denuclearisation
The three men were believed to have been transferred to a Pyongyang hotel in anticipation of their release. They have been held in a North Korean labor camp.

Jay must appear on May 8th at 3 PM to provide cause why an order shouldn't be issued for his testimony.

Carter, who married 22-time Grammy award victor Beyoncé in 2008, is worth an estimated $810 million, according to Forbes.

So far neither Iconix or JAY-Z has released a statement.

The company, whose retail brands include Joe Boxer and Candie's, did not immediately respond to requests for comment. In Thursday trading, Iconix shares were plunging - which is usually the impact of an SEC investigation into potential shadiness.

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