J. C. Penney Company, Inc. Announces Settlement of Class Action Lawsuit
May 05 2017 - 4:15PM
Settlement to be
Funded by Insurance with No Financial Impact to Company
PLANO, Texas -
(May 5, 2017) - J. C. Penney Company, Inc. (NYSE:JCP) has
reached an agreement in principle to settle the securities class
action lawsuit, Alan B. Marcus, Individually and
on Behalf of All Others Similarly Situated, v. J.C. Penney Company,
Inc., et.al., pending in the United States District Court
for the Eastern District of Texas. The lawsuit alleges, among
other things, that statements made by the Company and its former
chief executive and chief financial officers in August and
September 2013 misled investors regarding the Company's liquidity
prior to the announcement of a public stock offering in September
2013. JCPenney denies the allegations in the lawsuit, but is
entering into this settlement to eliminate the uncertainties,
burden and expense of further protracted litigation. The $97.5
million settlement will be funded by insurance and will have no
financial impact to the Company. The settlement remains
subject to final documentation and approval of the District Court
following notice to class members.
Media
Relations:
(972) 431-3400 or jcpnews@jcp.com; follow us at @jcpnews
Investor
Relations:
(972) 431-5500 or jcpinvestorrelations@jcpenney.com
About
JCPenney:
J. C. Penney Company, Inc. (NYSE:JCP), one of the nation's largest
apparel and home furnishings retailers, is on a mission to ensure
every customer's shopping experience is worth her time, money and
effort. Whether shopping jcp.com or visiting one of over 1,000
store locations across the United States and Puerto Rico, she will
discover a broad assortment of products from a leading portfolio of
private, exclusive and national brands. Supporting this value
proposition is the warrior spirit of over 100,000 JCPenney
associates worldwide, who are focused on the Company's three
strategic priorities of strengthening private brands, becoming a
world-class omnichannel retailer and increasing revenue per
customer. For additional information, please visit jcp.com.
###
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: J. C. Penney Company, Inc. via Globenewswire
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