The SEC, in its release, said after the acquisition, Carter and Iconix had maintained publicly disclosed partnerships relating to the Rocawear brand. Jay-Z sold his Rocawear apparel brand to Iconix for $204 million more than a decade ago.
The SEC claimed they first issued a subpoena for the "4:44" artist's testimony in November 2017, followed by a second subpoena for his testimony in February of this year after he retained new counsel.
"Mr Carter is a personal citizen who shouldn't be concerned on this matter".
Hip-hop star Jay-Z has some explaining to do, according to the Securities and Exchange Commission.
The SEC described Jay-Z, whose hits include "99 Problems" and also "Empire State of Mind", as a "important witness" with "defied two legal subpoenas", failing to appear twice for distraught testimony.
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In March of 2016, Iconix wrote down a massive $169 million related to its Rocawear buyuout.
The rapper's lawyer, Alex Spiro, has not mentioned a reason why the SEC wanted to talk to Jay-Z. "If respondent [Carter] refuses to appear on the appointed date and time, the Commission will have established a prima facie case of civil contempt against him, and he may be held in civil contempt for failure to comply with the Order without further notice or hearing", the order said.
"We are aware that the SEC is seeking information on Iconix's financial reporting".
Iconix has yet to comment or respond to Investopedia's inquiry surrounding the subpoena. And just past year, the company triggered another Rocawear write-off to the tune of $34 million.
It mentioned: "The fee seeks Carter's testimony to inquire about, amongst different issues, Carter's joint ventures with Iconix".