J.C. Penney shares are plunging as the company plans to raise a billion dollars through a new stock offering, an event that caught many people on Wall Street by surprise, since Penney's CEO, Mike Ullman, reportedly told investors at a meeting that the company had no plans to do so anytime soon, according to two sources who attended the meeting Wednesday morning.
The retailer's stock closed Friday at $9.05, down $1.37 or 13.2 percent.
Other media outlets, citing their own sources, corroborated the comments, but Ullman said he never made those statements.
"We have no idea who the source of these purported statements is. What we can say is that these statements attributed to Mike are completely false," the company said in an official statement.