|By Marketwired .||
|October 2, 2013 10:00 PM EDT||
NEW ORLEANS, LA -- (Marketwired) -- 10/02/13 -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until December 2, 2013 to file lead plaintiff applications in a securities class action lawsuit against J.C. Penney Company, Inc. (NYSE: JCP), if they purchased the Company's securities during the Class Period. This action is pending in the United States District Court for the Eastern District of Texas.
What You May Do
If you purchased shares of J.C. Penney and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, 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) or KSF Partner Melinda Nicholson (email@example.com). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by December 2, 2013.
About the Lawsuit
J.C. Penney and certain of its executives are charged with issuing a series of materially false and misleading statements during the Class Period, violating federal securities laws.
The complaint alleges that, during the Class Period, defendants failed to disclose that the Company would have insufficient liquidity to get through year-end. On September 26, 2013, analysts reported that the Company would need to take on additional debt to ensure that it had enough cash to keep its business operations going. On September 27, 2013, the Company announced the pricing of 84 million shares of its common stock 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, the price of the Company's shares plummeted.
About Kahn Swick & Foti, LLC
To learn more about KSF, whose partners include the Former Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers with significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders, you may visit www.ksfcounsel.com.