|[September 28, 2013]
Shareholder Rights Law Firm Johnson & Weaver, LLP Announces Investigation of J.C. Penney Company
SAN DIEGO --(Business Wire)--
Shareholder Rights Law Firm Johnson & Weaver, LLP is investigating if a
securities violation was committed by J.C. Penney Company, Inc., (NYSE:
JCP) when it made specific representations about the company's liquidity
and the need to raise cash.
On an August 20, 2013 investor conference call, J.C. Penney's CFO
responded when asked about any additional outside liquidity needs,
"Certainly as we look through the end of the year, the $1.5 billion of
liquidity that we have projected we're not assuming that we need any
additional financing". Other recent statements have been reported by
senior management, including the Company's CEO, stating that it did not
see conditions for he rest of the year where it would need to raise
On September 26, 2013, J.C. Penney announced that it had commenced an
underwritten public offering of 84 million shares of its common stock.
Based upon the closing price of $10.42 on September 26, 84 million JCP
shares would sell for about $875 million. On this news JCP stock closed
down 13% the next trading day to $9.05.
If you are a J.C. Penney shareholder and are interested in learning more
about the investigation or your legal rights and remedies, please
contact lead analyst Jim Baker (email@example.com)
Johnson & Weaver, LLP is a nationally recognized shareholders' rights
law firm. The firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit http://www.johnsonandweaver.com.
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