NEW ORLEANS--(BUSINESS WIRE)--Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until December 2, 2013 to file lead plaintiff applications in a securities class action lawsuit against J.C. Penney Company, Inc. (NYSE: JCP), if they purchased the Company’s securities during the Class Period. This action is pending in the Eastern District of Texas United States District Court.
What You May Do
If you purchased shares of J.C. Penney and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850, or email KSF Managing Partner Lewis Kahn (email@example.com) or KSF Partner Melinda Nicholson (firstname.lastname@example.org). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by December 2, 2013.
About the Lawsuit
J.C. Penney and certain of its executives are charged with issuing a series of materially false and misleading statements during the Class Period, violating federal securities laws.
The complaint alleges that defendants failed to disclose that the Company would have insufficient liquidity to get through year-end. On September 26, 2013, analysts reported that the Company would need to take on additional debt to keep its business operations going. The next day, the Company announced a secondary offering of its common stock, stating that it intended to use the proceeds for general corporate purposes.
Since this news, the price of the Company’s stock has fallen to its lowest levels since the mid-1980s—from $10.42 at close of trading on September 26, 2013 to $7.17 at close of trading on October 15, 2013.
About Kahn Swick & Foti, LLC
To learn more about KSF, whose partners include the Former Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers with significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders, you may visit www.ksfcounsel.com.