Jay-Z's companies sue NYC licensing company for fraud | Inquirer Entertainment
Close  

Jay-Z’s companies sue NYC licensing company for fraud

/ 07:35 AM July 06, 2019

AP

NEW YORK — Jay-Z’s business entities sued a New York City licensing firm, claiming it cheated the companies as part of a “colossal accounting scandal.”

The lawsuit accuses Iconix Brand Group Inc. of lying about its finances when it made deals with the rapper’s Roc Nation apparel company. There was no immediate response to a phone message Friday seeking comment from Iconix.

ADVERTISEMENT

When Roc Nation entered into a brand partnership with Iconix in 2013, the defendant company was fabricating financial reports to falsely inflate its earnings, according to the suit filed Thursday in state court in Manhattan.

The allegations arise “out of a massive years-long fraud perpetrated by Iconix and its affiliates to amass a portfolio of trademarks under false pretenses, in the process defrauding its licensees and partners, and setting off a colossal accounting scandal the depths of which are still being uncovered,” the suit says.

FEATURED STORIES

It adds that the scheme “sent its share price from a peak of more than $400 per share in 2014, to less than a dollar today.”

Jay-Z, who’s given name is Shawn Carter, was questioned behind closed doors last year about the fraud allegations by the Securities and Exchange Commission. At the time, his lawyers said they didn’t believe he had any relevant information to share with SEC investigators.

The suit says Jay-Z’s companies “have incurred substantial legal expenses in connection with, among other things, the federal government’s investigations into Iconix’s massive fraud.”

The plaintiffs are seeking payment of legal fees and unspecified damages.

The hottest entertainment news straight to your inbox

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.
Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Iconix Brand Group Inc., Jay-Z, Rapper, Roc Nation e
For feedback, complaints, or inquiries, contact us.

Subscribe to our entertainment news

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.



© Copyright 1997-2022 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.