Wites & Rogers announces that the time period for losses in J.C. Penny Company Inc. stock (NYSE: JCP) has been extended, and now includes May 16, 2013 through and including September 26, 2013.
If you are an investor who purchased J.C. Penny Common Stock between May 16, 2013 and September 26, 2013, you may have a legal claim against JC Penny and could serve as the lead plaintiff in the case. The deadline for filing for lead plaintiff is December 2, 2013. If you are interested in being the lead plaintiff, or would like to speak with an attorney about your legal rights, contact the attorneys at Wites & Rogers by email at info@witeslaw.com or toll-free at 1 (866) 277-8631.
On September 27, 2013 J.C. Penney issued a press release announcing the pricing of $84 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.” Following this news, J.C. Penney’s common stock declined by $1.37 per share, or 13%, to close at $9.05 per share on September 27, 2013. Pending class action lawsuits allege that the Company had previously made materially false and misleading statements and omissions to the investing public about the Company’s financial health, including that the Company would not have sufficient money to operate through the end of the year, that it would require additional investments to get through the holiday season, and that it hid such information so as not to worry its vendors. It is alleged that J.C. Penny’s stock reached artificially high prices as a result, reaching $14.47 per share by September 9, 2013.
Wites & Rogers is a law firm with offices in Oakland, California and Lighthouse Point, Florida, with expertise in the representation of investors in securities fraud and investor litigation claims. You may visit its website atwww.wklawyers.com.
