Jay-Z is a no-show in federal court

Key Points
  • Jay-Z did not appear in court on Tuesday after being subpoenaed by the SEC on Thursday.
  • The SEC is investigating his involvement with the Iconix Brand Group, which is being investigated for potential violations of federal securities laws related to financial reporting.
  • The rapper has been subpoenaed twice previously.
Jay-Z is a no-show in federal court

Jay-Z was ordered to appear in court on Tuesday to testify in an investigation into the Iconix Brand Group but the rapper did not appear.

U.S. District Judge Paul Gardephe, who is handling the case, expressed his frustration with Jay-Z whose real name is Shawn Carter, saying, "This testimony has been delayed for five months and I do not intend to tolerate any more delays."

A subpoena for Jay-Z's testimony was initially issued in November and again in February, but he has not offered the Securities and Exchange Commission any dates for a court appearance according to an SEC filing Thursday.

Jay-Z failed to appear after being subpoenaed for the third time by SEC

The rapper filed an affidavit on Monday stating that he is rehearsing in California for a worldwide tour and that taking time out to testify would impossible, according to a report from New York Daily News.

A representative for Jay-Z didn't immediately respond to CNBC's request for comment.

The SEC is looking into potential violations of federal securities laws related to Iconix Brand Group's financial reporting. Jay-Z had allegedly been paid more than $200 million by the company to acquire assets related to his Rocawear brand. He also maintained publicly disclosed partnerships with Iconix, according to the SEC.

Shares of Iconix closed down nearly 2.7 percent Tuesday.