NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into J.C. Penney Company, Inc. (NYSE: JCP).
On December 8, 2016, the Los Angeles City Attorney’s Office filed a lawsuit against the principal operating subsidiary of J.C. Penney Company, Inc., J.C. Penney Corporation, Inc. The lawsuit alleges that J.C. Penney has continued to engage in an unlawful, unfair, and fraudulent business practice commonly referred to as “false reference pricing.” Moreover, the lawsuit alleges that, pursuant to a settlement in a private class action approved in 2016, J.C. Penney had agreed “that any former price to which JCPenney refers in its price comparison advertising will be the actual, bona fide price at which the item was openly and actively offered for sale, for a reasonably substantial period of time, in the recent, regular course of business, honestly and in good faith,” and further that J.C. Penney represented to the federal district court overseeing the private class action that it had, in fact, implemented a new price-comparison advertising policy as of November 2015.
KSF’s investigation is focusing on whether J.C. Penney’s officers and/or directors breached their fiduciary duties to J.C. Penney’s shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a holder of J.C. Penney shares since November 2015, and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (firstname.lastname@example.org).
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.