According to the Hollywood Reporter, JAY-Z has been ordered by a federal judge to explain why he feels he shouldn't have to testify in the Securities and Exchange Commission's ongoing investigation into the financial dealings of public apparel company, Iconix Brand Group.
As reported, the SEC agency is currently investigating possible violations of federal security laws related to the company, which previously paid JAY-Z $204 million to "acquire intangible assets" related to the Rocawear apparel brand.
"We are aware that the SEC is seeking information on Iconix's financial reporting," a representative for Hov shared with THR. "Mr. Carter had no role in that reporting or Iconix's other actions as a public company. Mr. Carter is a private citizen who should not be involved in this matter."
As previously reported, JAY-Z has been facing a separate legal issue with the apparel company, after he was accused of using his company's logo on Major League Baseball merch and undermining the licensing deal. Iconix sued him, Roc Nation, New Era, LIDS and the San Francisco Giants for $10M, a suit that JAY-Z later asked for his name to be removed from.
According to reports, JAY-Z has been instructed to appear in court on May 8 to present a valid reason why he shouldn't be ordered to provide testimony for the ongoing investigation into Iconix Brand Group's financial dealings.
More on this story as it develops.