STEVENSON, Md., Oct. 2, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Texas on behalf of purchasers of J.C. Penney Company, Inc. ("J.C. Penney" or the "Company") (NYSE:JCP) common stock during the period between August 20, 2013 and September 26, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in J.C. Penney Company, Inc. common stock purchased on or after August 20, 2013, and held through any of the revelations of negative information on September 25, 2013 and/or September 27, 2013, as described below, at no cost to you, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at email@example.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than December 2, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company did not have sufficient liquidity to carry it through year-end and that the Company concealed this problem to avoid adding to the concerns of its vendors. According to the complaint, following a September 25, 2013 analyst's report that the Company would need to take on additional debt to ensure that it had sufficient cash to continue operations, and the Company's September 27, 2013 disclosure announcing the pricing of 84 million shares of its common stock at $9.65 per share in a secondary offering, the value of J.C. Penney shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616