The SEC said it's looking into potential violations of federal securities laws related to Iconix's financial reporting. It said the company paid Jay-Z, or Shawn Carter, more than $200 million to acquire assets associated with his Rocawear apparel brand.
"After the acquisition, Carter and Iconix maintained publicly-disclosed partnerships related to the Rocawear brand," the SEC said, but Jay-Z has failed to appear to testify about his venture with Iconix.
"We are aware that the SEC is seeking information on Iconix's financial reporting," a representative of Jay-Z said in an email to CNBC. "Mr. Carter had no role in that reporting or Iconix's other actions as a public company. Mr. Carter is a private citizen who should not be involved in this matter."
A representative from Iconix didn't immediately respond to CNBC's request for comment.
The SEC initially issued a subpoena for Jay-Z's testimony last November. The agency sent a second request in February, when Jay-Z had a new counsel. But the rapper still hasn't offered the SEC any dates for a court appearance, the filing said Thursday.
Shares of Iconix Brand Group were falling more than 9 percent Thursday afternoon following the news.
In addition to Rocawear, Iconix's other apparel and accessories brands include Mudd, Mossimo, Joe Boxer, Bongo and Ed Hardy.