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Breaking News from CNBC's Scott Wapner: Ackman's Facts in the Letter Are Incorrect - Sources Close to J.C. Penney

WHEN: TODAY, FRIDAY, AUGUST 9TH

WHERE: CNBC'S "SQUAWK ON THE STREET"

Following is the unofficial transcript of breaking news from CNBC's Scott Wapner. All references must be sourced to CNBC.

SCOTT WAPNER: ACCORDING TO A SOURCE CLOSE TO J.C. PENNEY, ACKMAN'S FACTS LAID OUT IN HIS LETTERS OVER THE PAST COUPLE OF DAYS ARE INCORRECT ACCORDING TO THE SOURCE. DIRECTORS, AS A GROUP, HAVE THOROUGHLY DISCUSSED THE TOPICS LAID OUT IN MR. ACKMAN'S LETTER ACCORDING TO THIS PERSON. THERE HAS BEEN A THOUGHT, YOU KNOW, AT LEAST THE CASE BEING MADE IN THE LETTER HERE IS THAT EITHER THE CHAIRMAN OF THE BOARD, TOM ENGIBOUS, HAS GONE ROGUE OR A VERY SMALL NUMBER OF BOARD MEMBERS – A SMALL GROUP OF DIRECTORS – HAVE GOTTEN TOGETHER TO MAKE SOME OF THE DECISIONS THAT HAVE BEEN MADE. I'M TOLD FROM A SOURCE, AGAIN, SAYING THAT THAT IS SIMPLY UNTRUE. THE DIRECTORS AS A GROUP HAVE THOROUGHLY DISCUSSED THE TOPICS LAID OUT IN THE LETTER AND THAT THE BOARD'S RELEASE YESTERDAY REFLECTS THAT DECISION.THAT IS WHAT I HAVE NOW, I EXPECT TO KEEP REPORTING THIS AND HOPEFULLY HAVE SOME MORE. AND WHEN I DO, YOU GUYS WILL BE THE FIRST TO KNOW.


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