J.C. Penney, Inc. (JCP) Sued By Shareholder

A J.C. Penney Company, Inc. (NYSE:JCP) shareholder sued the retailer for its surprise decision to offer over $810 million shares leading to a substantial drop in its share price. Alan Marcus, the plaintiff, accused the retail major of knowingly assuring investors that its business was improving and hence there was no need to raise fresh capital. J.C. Penney’s $810 Million Share Sale Last month, J.C. Penney Company, Inc. (NYSE:JCP) surprisingly announced its intention to offer 84 million shares of common stock through secondary offerings. The retail major appointed the investment banking arm of Goldman Sachs as the underwriter for the…