SEC seeks court order to force Jay-Z's testimony in Iconix investigation

Key Points
  • The SEC is asking Jay-Z to testify in an investigation into the Iconix Brand Group.
  • It says Iconix paid Jay-Z more than $200 million to acquire Rocawear assets.
  • Jay-Z has failed to offer any dates for a court appearance, according to the SEC.
Jay-Z failed to appear after being subpoenaed for the third time by SEC

The Securities and Exchange Commission said Thursday it's seeking a court order asking singer-songwriter Jay-Z to testify in an investigation into the Iconix Brand Group.

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.