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Jay-Z’s Roc Nation Company is suing Iconix Brand Group for allegedly cheating Roc Nation’s apparel company apart of a “colossal accounting scandal.” Roc Nation is accusing the licensing company of “lying about Its finances” when they made a deal.
According to reports, Roc Nation went into business with Iconix back in 2013. The lawsuit states, “out of a massive years-long fraud perpetrated by Iconix and its affiliates to amass a portfolio of trademarks under false pretenses, in the process defrauding its licensees and partners, and setting off a colossal accounting scandal the depths of which are still being uncovered.”
The suit also claims that this had an effect on the Iconix stock prices, “from a peak of more than $400 per share in 2014, to less than a dollar today.”
It continues by stating business and music mogul Jay –Z’s company, “have incurred substantial legal expenses in connection with, among other things, the federal government’s investigations into Iconix’s massive fraud.”
The company is seeking payment of legal fees and unspecified damages.
We will keep you updated on this.