SAN DIEGO, Oct. 23, 2013 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a deadline to get actively involved is coming up on December 2, 2013 in the lawsuit filed on behalf of certain investors in shares J.C. Penney Company, Inc. (JCP) over alleged Securities Laws Violations by J.C. Penney Company, Inc. in connection with certain allegedly false and misleading statements made between August 20, 2013 and September 26, 2013.
If you purchased a significant amount of common stock J.C. Penney Company, Inc. (JCP) between August 20, 2013 and September 26, 2013, you have certain options and you should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The plaintiff alleges that that defendants failed to disclose and/or misrepresented adverse facts, including that J.C. Penney Company, Inc. would have insufficient liquidity to get through year-end and would require additional investments to make it through the holiday season, and that J.C. Penney Company, Inc. was concealing its need for liquidity so as not to add to its vendors' concerns. The plaintiff says that as a result of defendants' allegedly false statements, J.C. Penney Company, Inc.'s stock traded at artificially inflated prices between August 20, 2013 and September 26, 2013, reaching a high of $14.47 per share on September 9, 2013.
On Sept. 26, 2013, J.C. Penney Company, Inc. announced a proposed Public Offering of Common Stock. J.C. Penney Company, Inc. said that it has commenced an underwritten public offering of 84.0 million shares of its common stock and that it intends to use the net proceeds from the offering for general corporate purposes. Based upon a closing price for JCP shares of $10.42 on September 26, 84 million JCP shares would sell for $875.28 million.
Shares of J.C. Penney Company, Inc. declined from $14.47 per share in early September 2013 to $6.25 per share on October 22, 2013.
The plaintiff seeks to recover damages on behalf of all purchasers of J.C. Penney Company, Inc. common stock between August 20, 2013 and September 26, 2013.
Those who purchased shares of J.C. Penney Company, Inc. have certain options and should contact the Shareholders Foundation.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
Shareholders Foundation, Inc. Trevor Allen +1 (858) 779-1554 3111 Camino Del Rio North Suite 423 San Diego, CA 92108
