The SEC described Jay-Z, whose hits include "99 Problems" and also "Empire State of Mind", as a "important witness" with "defied two legal subpoenas", failing to appear twice for distraught testimony. The SEC is now filing a subpoena enforcement action against Jay-Z for testimony to inquire about his joint venture with Iconix. It seeks an order directing him to comply with an investigative subpoena for his testimony.
"We are aware that the SEC is seeking information on Iconix's financial reporting", a spokesperson for Jay said in a statement. In November 2015 the company said it would restate its financial statements over how the New York-based company classified some expenses and how it recognized revenue related to licensing agreements.
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. It said it's investigating in case national regulations were violated while the company reported benefits, including approximately its Rocawear-related belongings Iconix to learn.
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In a press release issued Thursday, the federal agency noted that the rapper, whose real name is Shawn Carter, has already been subpoenaed twice and failed to answer both of those subpoenas. "Mr. Carter is a private citizen who should not be involved in this matter".
Carter has wide-ranging business interests from the music industry to his streaming service Tidal to a sports management company.
Iconix paid Jay-Z more than $200 million for Rocawear assets.
Iconix attorneys failed to immediately return e mails seeking comment. Iconix has faced a series of troubles in recent years, including slipping sales and a number of high-profile executive departures.