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  • dannynguyen76 dannynguyen76 Dec 6, 2013 12:29 PM Flag

    JCP, SEC investigation...any thought Duy?

    By Johanna Bennett

    It’s official! J.C .Penney (JCP) is having a REALLY bad week.

    First, the announcement that same-store sales in November rose 10.1% got dismissed as insufficient. Then yesterday, hedge fund manager Kyle Bass fueled a pull back when he told Bloomberg Television that his firm has exited its stake in the troubled department store chain.

    Today, the stock fell 5.3% to $8.38 after news broke that the Securities and Exchange Commission is looking into the company’s controversial offering of $800 million in stock in September. So far this week, J.C. Penney has fallen 17%.

    In a securities filing late Thursday, J.C. Penney said it received a letter of inquiry from the agency seeking information about the offering, as well as details of the company’s liquidity, cash position and debt and equity financing. Penney said it is cooperating with regulators.

    It wasn’t immediately clear what information the SEC was seeking.

    The stock sale at the center of the inquiry had left Wall Street rattled. A day earlier, it had been widely reported that unnamed sources had the impression the company wouldn’t have to raise capital.

    CEO Mike Ullman has labored to restore the company’s falling fortunes.

    Like other retailers, J.C. Penney kicked off the holiday shopping season by opening the doors on Thanksgiving and offering enormous deals and promotions to attract shoppers.

    Back in September, worries about J.C. Penney’s liquidity weighed on the share price, which hit a multi-year low of $6.27 in late October. Since then, improving sales trends have boosted sentiment and the share price.

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