J.C. PENNEY INVESTIGATION INITIATED by Former Louisiana Attorney General: Kahn Swick & Foti, LLC Investigates the Officers & ...
December 21 2016 - 10:50PM
Business Wire
Former Attorney General of Louisiana, Charles C. Foti, Jr.,
Esq., a partner at the law firm of Kahn Swick & Foti, LLC
(“KSF”), announces that KSF has commenced an investigation into
J.C. Penney Company, Inc. (NYSE: JCP).
On December 8, 2016, the Los Angeles City Attorney’s Office
filed a lawsuit against the principal operating subsidiary of J.C.
Penney Company, Inc., J.C. Penney Corporation, Inc. The lawsuit
alleges that J.C. Penney has continued to engage in an unlawful,
unfair, and fraudulent business practice commonly referred to as
“false reference pricing.” Moreover, the lawsuit alleges that,
pursuant to a settlement in a private class action approved in
2016, J.C. Penney had agreed “that any former price to which
JCPenney refers in its price comparison advertising will be the
actual, bona fide price at which the item was openly and actively
offered for sale, for a reasonably substantial period of time, in
the recent, regular course of business, honestly and in good
faith,” and further that J.C. Penney represented to the federal
district court overseeing the private class action that it had, in
fact, implemented a new price-comparison advertising policy as of
November 2015.
KSF’s investigation is focusing on whether J.C. Penney’s
officers and/or directors breached their fiduciary duties to J.C.
Penney’s shareholders or otherwise violated state or federal
laws.
If you have information that would assist KSF in its
investigation, or have been a holder of J.C. Penney shares since
November 2015, and would like to discuss your legal rights, you
may, without obligation or cost to you, call toll-free at
1-877-515-1850 or email KSF Managing Partner Lewis Kahn
(lewis.kahn@ksfcounsel.com).
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney
General Charles C. Foti, Jr., is a law firm focused on securities,
antitrust and consumer class actions, along with merger &
acquisition and breach of fiduciary litigation against publicly
traded companies on behalf of shareholders. The firm has offices in
New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20161221005861/en/
Kahn Swick & Foti, LLCLewis Kahn, 1-877-515-1850Managing
Partnerlewis.kahn@ksfcounsel.com
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