A class action lawsuit against JCPenny for falsely assuring investors of their positive economic standing was settled for $97.5 Million dollars the first week of May 2017. In the allegations, key statements made by former chief executive officer Mike Ullman and chief financial Advisor Ken Hannah in August and September of 2013were used in the settlement claiming investors were misled regarding the company’s liquidity prior to the announcement of public stock offerings in September of 2013. JCPenny has denies all allegations but has agreed to enter the settlement to “eliminate the uncertainties, burden and expense of further protracted litigation." The $97.5 million settlement is said to be funded by the insurance company and will have no financial burden on JCPenny.
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