In a press release on Thursday (May 3) the Securities and Exchange Commission said it's seeking a court order asking JAY-Z to testify in an investigation Iconix Brand Group.
ABC News reports, the SEC is looking into potential violations federal securities laws in relation to Iconix's financial reporting. The company allegedly paid JAY-Z over $200 million to acquire assets affiliated with the Rocawear apparel brand.
"After the acquisition, Carter and Iconix maintained publicly-disclosed partnerships related to the Rocawear brand," the SEC stated, but so far Hov has failed to appear to testify about his business relationship with Iconix. Reports claim he was originally subpoenaed in November 2017, and then again in February 2018, both times he reportedly "failed to appear as required."
The news just comes one day after it was announced that JAY-Z's Roc Nation has launched a new television division. Currently, they are currently filming a six-part docuseries with Meek Mill for Amazon Prime. The documentary will follow Meek's ongoing battle with probation and the criminal justice system. Both JAY-Z and Meek Mill serve as executive producers. Hov is also getting ready to hit the road with his wife, Beyoncé for part two their successful "On The Run" tour, which kicks f next month in Wales.
So far neither Iconix or JAY-Z has released a statement.