NEW ORLEANS, Jan. 3, 2017 /PRNewswire/ -- 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.
Contact:
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
lewis.kahn@ksfcounsel.com
1-877-515-1850
206 Covington St.
Madisonville, LA 70447
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SOURCE Kahn Swick & Foti, LLC