Levi & Korsinsky announces that a class action lawsuit has been
commenced in the United States District Court for the Eastern District
of Texas on behalf of investors who purchased J.C. Penney Company, Inc.
(“JCPenney” or the “Company”) (NYSE:JCP) securities between August 20,
2013 and September 26, 2013.
For more information, click here: http://zlk.9nl.com/jcpenney-jcp/.
The complaint alleges that throughout the Class Period, defendants
failed to disclose and/or misrepresented adverse facts, including that:
1) the Company would have insufficient liquidity to get through
year-end; 2) the Company would require additional investments to make it
through the holiday season; and 3) that the Company concealed its need
for liquidity so as not to add to its vendors’ concerns. As a result of
defendants’ false statements, JCPenney’s stock traded at artificially
inflated prices during the Class Period, reaching a high of $14.47 per
share on September 9, 2013.
On September 27, 2013, JCPenney announced the pricing of 84 million
shares of its common stock at $9.65 per share in a secondary offering,
stating that it “intends to use the net proceeds from the offering for
general corporate purposes.” On this news, JCPenney’s stock fell $1.37
per share to close at $9.05 per share on September 27, 2013, a one-day
decline of 13% on volume of 256 million shares.
If you suffered a loss in JCPenney you have until November 30, 2013 to
request that the Court appoint you as lead plaintiff. Your ability to
share in any recovery doesn’t require that you serve as a lead
plaintiff. To obtain additional information, contact Joseph E. Levi,
Esq. either via email at firstname.lastname@example.org
or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/jcpenney-jcp/.
Levi & Korsinsky is a national firm with offices in New York, New
Jersey, Connecticut, and Washington D.C. The firm has extensive
expertise in prosecuting securities litigation involving financial
fraud, representing investors throughout the nation in securities and
shareholder lawsuits. Attorney advertising. Prior results do not
guarantee similar outcomes.
Copyright Business Wire 2013