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Case Status:    SETTLED
On or around 07/24/2017 (Settlement preliminarily approval)

Filing Date: October 01, 2013

According to the law firm press release, JCPenney is a retailer, operating 1,102 department stores in 49 states and Puerto Rico as of January 28, 2012. JCPenney's business consists of selling merchandise and services to consumers through its department stores and through its Internet Website at jcp.com. The Company sells family apparel and footwear, accessories, fine and fashion jewelry, beauty products through Sephora inside JCPenney, and home furnishings.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose and/or misrepresented adverse facts, including that the Company would have insufficient liquidity to get through year-end and would require additional investments to make it through the holiday season, and that the Company was concealing its need for liquidity so as not to add to its vendors' concerns. As a result of defendants' false statements, JCPenney's stock traded at artificially inflated prices during the class period, reaching a high of $14.47 per share on September 9, 2013.

Then, on September 27, 2013, JCPenney issued a press release announcing the pricing of 84.0 million shares of its common stock at $9.65 per share in a secondary offering, stating that "[t]he Company intends to use the net proceeds from the offering for general corporate purposes." On this news, JCPenney shares declined $1.37 per share or 13%, to close at $9.05 per share on September 27, 2013.

On February 28, 2014, the Court issued an Order consolidating cases, appointing lead plaintiff, and approving lead counsel. Lead Plaintiff filed a consolidated complaint on July 18.

The parties entered into a Settlement Agreement on June 14, 2017.

COMPANY INFORMATION:

Sector: Services
Industry: Retail (Department & Discount)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: JCP
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: E.D. Texas
DOCKET #: 13-CV-00750
JUDGE: Hon. K. Nicole Mitchell
DATE FILED: 10/07/2013
CLASS PERIOD START: 08/20/2013
CLASS PERIOD END: 09/26/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  2. Schwartz, Junell, Campbell & Oathout, LLP (Houston)
    909 Fannin - Suite 2000, Schwartz, Junell, Campbell & Oathout, LLP (Houston), TX 77010
    713.752.0017 713.752.0327 ·
No Document Title Filing Date
COURT: E.D. Texas
DOCKET #: 13-CV-00736
JUDGE: Hon. K. Nicole Mitchell
DATE FILED: 07/18/2014
CLASS PERIOD START: 08/20/2013
CLASS PERIOD END: 09/26/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
  2. Ward & Smith Law Firm
    1127 Judson Road, Suite 220, Ward & Smith Law Firm, TX 75601
    903.757.6400 903.757.2323 ·
No Document Title Filing Date
No Document Title Filing Date