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.
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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 email@example.com 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.