Zamansky LLC announces that it has commenced an investigation of J.C. Penney Corporation (NYSE:JCP)’s employee savings, profit-sharing and stock ownership plan (the “Plan”) for potential violations of the federal Employee Retirement Income Security Act (“ERISA”). ERISA imposes fiduciary duties to prudently manage and invest plan assets. These duties were allegedly violated by JCP’s offering of company stock despite its lack of prudence as an investment.
Since 2012, JCP’s stock price has fallen by over 60%. This dramatic decline resulted from former CEO Ron Johnson’s flawed attempt to “transform” JCP. JCP has also been the subject of securities fraud class actions and shareholder derivative lawsuits which allege that the Company misled shareholders about its liquidity.
According to employee stock and investment fraud attorney, Jake Zamansky, JCP has faced serious troubles since Johnson’s “transformation.” JCP employees who purchased and held company stock through the Plan have suffered losses to their retirement savings, he says.
What Investors Can DoIf you are an existing or former JC Penney employee who purchased the Company’s stock through the Plan, please contact our firm for an evaluation of your rights. You can contact Jake Zamansky by telephone at (212) 742-1414 or by email at email@example.com. About Zamansky LLC Zamansky LLC is a leading stock law firm specializing in securities fraud, ERISA and employment class actions. We are investment fraud attorneys who represent both individual and institutional investors. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover investment losses. To learn more about Zamansky LLC, please visit our website, http://www.zamansky.com. Contact: Zamansky LLC50 Broadway - 32nd FloorNew York, NY 10004Jake Zamansky, 212-742-1414jake(at)zamansky(dot)com