A Texas federal judge has granted preliminary approval to an agreement for JC Penney to pay $97.5 million and make other concessions to a class of investors who accused the retailer of “lying about its financial health.” U.S. District Judge Robert W. Schroeder III granted preliminary approval to the proposed settlement of a suit from investors who sued J.C. Penney in 2013, claiming that their decision to purchase stock within the class window was the result of false statements made by company executives late that summer about how much cash the company would have on hand at the end of the year.
The settlement covers a class of those who purchased J.C. Penney Co. Inc. shares between Aug. 20 and Sept. 26, 2013, on June 20. The class is led by the National Shopmen Pension Fund.
Contact us today for a free legal consultation with an experienced attorney.
Fields marked *may be required for submission.
If you would like to subscribe to the Jere Beasley Report digital edition, simply visit our Subscriptions page and provide the necessary information or call us at 800-898-2034.
Attorney Advertising - Prior results do not guarantee a similar outcome.