NEW YORK, Dec. 12, 2016 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential misconduct at J.C. Penny Company, Inc. ("J.C. Penny" or the "Company") (NYSE: JCP).
The investigation focuses on whether the Company's Board of Directors and its officers committed mismanagement and breached their fiduciary duties. On December 7, 2016, the Los Angeles City Attorney's Office filed a lawsuit against J.C. Penny Corporation, Inc. ("JCP Corp."), the Company's principal operating subsidiary, alleging that JCP Corp. "has engaged in false reference pricing as a frequent business practice, thereby misleading consumers." The complaint further alleged that JCP Corp. "continues to engage in such deceptive (and illegal) acts, despite representing to a federal district court (in November 2015) that it would no longer do so."
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If you currently own J.C. Penny stock and would like to discuss your legal rights, please visit www.faruqilaw.com/JCP. You can also contact us by calling Stuart Guber toll free at (215) 277-5770 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding J.C. Penny's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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SOURCE Faruqi & Faruqi, LLP