According to reports, the Securities and Exchange Commission (SEC) said it is seeking a court order that would require Jay-Z, whose government name is Sean Carter, to cooperate by issuing him a subpoena forcing him to testify in a case they are investigating.
Iconix, which sells retail brands Candie's and Joe Boxer, has been under SEC investigation since December 2015 over its accounting practices. Jay z offered assets and also his Rocawear apparel fresh to Iconix more than just a decade past.
The 99 Issues rapper continued as chief inventive officer of the Rocawear model after its sale and Iconix entered a separate three way partnership with the star as part of the sale to determine manufacturers to be acquired.
"Mr Carter is a personal citizen who shouldn't be concerned on this matter". This most recent filing claims that he still hasn't provided the commission with availability dates for a court appearance, with the representative's statement above clearly explaining why he hasn't. But in March 2016, the company announced a $169 million write-down of Rocawear, followed by a $34 million write down in March of this year, the SEC said.
The agency said it subpoenaed Jay-Z in November and again in February after he hired new lawyers.
Although Iconix bought the brand - for a cool $204 million - Jay-Z retains his stake in the company, and he continues to be involved in its marketing, licensing, and product development.
Carter, who married 22-time Grammy award victor Beyoncé in 2008, is worth an estimated $810 million, according to Forbes. The SEC is now filing a subpoena enforcement action against Jay-Z for testimony to inquire about his joint venture with Iconix.
Iconix attorneys failed to immediately return e mails seeking comment. In Thursday trading, Iconix shares were plunging - which is usually the impact of an SEC investigation into potential shadiness.