6 years Ago, MarcWites
Wites Law Firm announces that class action lawsuits have been filed that allege that JC Penny Company, Inc. (NYSE: JCP) and certain of its officers and directors committed violations of the Securities Exchange Act of 1934. The complaints allege that the company made materially false and misleading statements 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 JC Penny’s stock reached artificially high prices as a result, reaching $14.47 per share by September 9, 2013.
On September 26, it was reported that the company would be required to take on new debt to obtain the funds needs to continue operations. On September 27, JC Penny issued a press release which confirmed the reports, explaining that the company would issue a secondary offering of 84 million shares at $9.65 per share, and it “intend[ed] to use the net proceeds from the offering for general corporate purposes.” As a result of this news, JC Penney shares dropped $1.37 per share (or 13%), to close at $9.05 per share on September 27, 2013.
If you are an investor who purchased JC Penny Common Stock between August 20, 2013 and September 26, 2013, you may have a legal claim against JC Penny and could serve as the lead plaintiff in the case. 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 Law Firm by email at email@example.com or toll-free at 1 (866) 277-8631.
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Marc: Congratulations on the School Board settlement! Glad you were about to get a good result for your clients. Having been your adversary early on in the case, I can say it was a long battle and the great result was due to your persistence and creative approach to the litigation. Well done!Josh Eggnatz
Attorneys often convey a sterile attitude toward clients that is often void of sincerity and compassion, and may even be condescending. Marc Wites has not lost his humanity!! Mr. Wites is an attorney that continues to stay abreast of the law, which results in excellent results for his clients. Marc Wites is my “go to” attorney when I am looking for A-rated service and quality representation. I consider Marc as not only my attorney but a friend as well.David
An impressive chamber of knowledgeable attorneys/staff that stand ready to work tirelessly on behalf of their clients. Marc Wites is the quintessential Perry Mason advocate–erudite, prepared, and brilliant. He is ready to take on any legal challenge. Above all, he is understanding of the working class. Surely, he’s not just in it for the money; he genuinely wants to help people. Overall outstanding law firm.Raymond Brown
Mr. Wites accepted my case when other lawyers would not. He never promised what he couldn’t deliver. He was realistic, upfront and honest. He actually returns phone calls. And he is willing to explain the legal process and to take time to answer questions. I would definitely contact Mr. Wites if I ever needed a lawyer again.Karla