Penney settles shareholder suit
May 8, 2017
J.C. Penney has agreed to pay $97.5 million to settle a lawsuit brought against it for statements made by former CEO Mike Ullman and CFO Ken Hannah in 2013 that the plaintiff said misled investors about the company’s liquidity prior to it issuing a public stock offering in September of that year. The suit, which is being paid through insurance, will not have a financial impact on Penney’s earnings.
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