Zamansky LLC announces that it has commenced an investigation of J.C. Penney Corporation (NYSE: JCP)’s employee savings, profit-sharing and stock ownership plan for violations of the federal Employee Retirement Income Security Act (“ERISA”). ERISA imposes fiduciary duties on companies to prudently manage and invest plan assets. These duties were violated by JCP’s offering of company stock despite its lack of prudence as an investment.
During the last two years, JCP stock price has fallen by over 60%. CEO Ron Johnson has announced a speculative “rebranding strategy” to turn around the company. JCP is saddled with high real estate costs and declining profit margins, and its long-term debt has fallen below investment grade.
If you are an existing or former JPC employee who owns stock through the employee savings and profit-sharing plan, please contact our firm for an evaluation of your rights. You can contact Jake Zamansky by telephone at (212) 742-1414 or by email at firstname.lastname@example.org.