Did you hear, Jay-Z’s company Roc Nation is suing a city licensing firm, accusing them of billing investors in a “massive years-long fraud,” according to a new lawsuit.
Read on to get more details on about Jay-Z’s Roc Nation Sues Licensing Firm…
CelebNMusic247.com reports that Jay-Z’s company Roc Nation says in the Manhattan Supreme Court suit that Iconix Brand Group Inc.
The report claims that persuaded it and other companies — including Ecko, Ed Hardy and PONY — into doing business by lying about its financials.
The lawsuit also claims that Jay Z Roc Nation says that the Iconix Brand Group Inc. made off with their money without providing the promised services.
Iconix, which the SEC and the feds have been investigating, was able to “amass a portfolio of trademarks under false pretenses,” court papers say.
Iconix then “absconded with its licensees’ money without providing the branding and retail support it promised,” the court documents allege.
Roc Nation sold men’s clothing brand Rocawear to Iconix for $204 million in 2007.
The company’s stocks were strong through 2015, but today they are worth “less than a dollar per share,” the suit says.
Wow, that is crazy to hear how Roc Nation sold men’s clothing brand Rocawear and now its worth nothing. That explains a lot about the once great clothing brand.