On Thursday the SEC filed a subpoena for Shawn ‘Jay-Z‘ Carter to testify about the more than $200M Iconix paid to acquire his fashion brand, Rocawear.
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.
This isn’t the first subpoena that the SEC has served Carter. The initial subpoena was issued on November 16th, 2017. Carter gained new counsel in February 2018 and the SEC subpoenaed him again for his testimony. The agency said, “Carter has failed to appear as required by the subpoenas and, through his counsel, Carter has declined to provide any additional dates on which he will agree to appear for investigative testimony.’
RELATED: #SayHerName: 16-Year-Old Set To Testify Against Her Alleged Rapist Found Dead
The SEC feels the subpoena is appropriate as the “information sought from the witness (Carter) is relevant to the investigation.” The agency also added that the application, “does not reflect a determination by the SEC or its staff that Carter has violated provisions of the federal securities law at issue in the investigation.”
A representative for Jay-Z tweeted to CNBC, “We are aware that the SEC is seeking information on Iconix financial reporting. Mr. Carter has 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.”
In March 2016, Iconix said it would write-down where the $169M in relation to Rocawear and in March 2018, there was an additional write-down of $34M. Shares of Iconix plummeted in December 2015 after the company publicly confirmed that the SEC was conducting a formal investigation into its accounting issues.
Celebrating Jay-Z And Beyoncé’s 10th Wedding Anniversary
1. When They Met1 of 15
2. Started Dating In 20002 of 15
3. Jay-Z & Beyonce’s First Duet3 of 15
4. Jay-Z and Beyoncé got married on April 3, 2008. They are celebrating 10 years together today!4 of 15
5. President Barack Obama 2009 Inauguration5 of 15
6. The two became pregnant with their first child in 20116 of 15
7. Blue Ivy7 of 15
8. Beyoncé’s doucmentary “Life Is But A Dream” featuring Jay-Z8 of 15
9. The Elevator Incident9 of 15
10. The First “On The Run Tour”10 of 15
11. Lemonade11 of 15
12. Twins!12 of 15
13. “4:44”13 of 15
14. “On The Run Tour ll”14 of 15
15. “Die For You”15 of 15
The SEC Has Subpoenaed Jay-Z Over Rocawear Deal With Iconix was originally published on hellobeautiful.com