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Jay-Z's Got 99 Problems And This SEC Subpoena Might Be One

Jay-Z's Got 99 Problems And This SEC Subpoena Might Be One

"We are aware that the SEC is seeking information on Iconix's financial reporting", says a representative for Jay-Z.

Jay-Z has been subpoenaed twice in the case and has ignored both subpoenas. 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.

Jay-Z is the target of a subpoena regarding an ongoing Securities and Exchange Commission investigation.

The SEC's application states that the Commission seeks Carter's testimony to inquire about, among other things, Carter's joint venture with Iconix.

According to the release, in 2016 Iconix publicly announced a $169 million write down of Rocawear, and in March of this year, Iconix announced a further write down of $34 million.

Jay-Z's lawyer Alex Spiro protested in a Thursday statement that the rapper "had no role in that reporting or Iconix's other actions as a public company", and that "Mr. Carter is a private citizen who should not be involved in this matter".

The hip hop mogul born Shawn Carter, who just announced plans for a six-part documentary series examining Meek Mill and flaws in the criminal justice system, has been issued an investigative subpoena.

As of Thursday afternoon, the dates on which Jay-Z will appear in court to testify are unknown. Rocawear was one of his early business successes.

In 2007, Iconix Brand Group, a "brand management company" that licenses brands to retailers and manufacturers in the clothing and footwear industries, bought out Rocawear.

The company, whose retail brands include Joe Boxer and Candie's, did not immediately respond to requests for comment. Last year Iconix sold two of its best known brands, Badgley Mischka and the Sharper Image, as well as a majority stake in Peanuts Worldwide.

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