J.C. Penney Receives Inquiry Letter From SEC

In a Dec. 5 filing with the Securities and Exchange Commission, J.C. Penney disclosed it has received a “letter of inquiry” from the SEC requesting information about its liquidity.

The letter, sent on Oct. 6, also sought information about its cash position, debt and equity financing, as well as its underwritten public stock offering announced on Sept. 26.

The filing also notes that the company has recently been the target of numerous shareholder lawsuits, charging that executives issued “false and misleading statements” regarding its financial condition. The company said the allegations were “without merit.” 

Another shareholder suit, charging that the pay of Penney executives was too high given the company’s financial performance, was recently settled for $3.1 million, the filing said.

The company said it intends to cooperate with the SEC.

 

JCK News Director