A Manhattan federal court judge has ordered JAY-Z to appear in court on May 8 at 3 p.m. to explain why he failed to show up for two earlier SEC hearings.
A U.S. District Court judge ordered JAY-Z to appear and show cause why he shouldn’t testify to the Securities and Exchange Commission which is looking into Iconix Brand Group.
Iconix paid JAY-Z over $200 million to acquire Roc Nation clothing assets in 2007.
But Iconix reported a lower sales figure than the actual number that JAY-Z reports he received for the Roc Nation assets.
The SEC is investigating whether Iconix violated securities law by reporting a lower figure.
The SEC issued a subpoena for JAY-Z to testify in November 2017 and again in February 2018 – but the rap mogul failed to show up for either hearing.
The 48-year-old rapper, whose real name is Shawn Carter, retained a lawyer after he received the February subpoena.
“We are aware that the SEC is seeking information on Iconix’s financial reporting,” a representative for Jay-Z tells Hollywoodreporter.com. “Mr. Carter had no role in that reporting or Iconix’s other actions as a public company. Mr. Carter is a private citizen who should not be involved in this matter.”
JAY-Z owns or is a partner in numerous enterprises, including TIDAL music streaming app and several sports bars.
