Jay-Z Says Company Bought Rocawear Under "False Pretenses" In New Lawsuit

Could Jay-Z be making moves to buy back Rocawear at a fraction of the cost he sold it for?

(AllHipHop News) It was all good 12 years ago.

That's when Jay-Z sold the Rocawear brand to Iconix for over $200 million dollars.

The rap mogul claims the bosses at Iconix committed fraud and lied when they went on a buying spree to acquire popular brands like Rocawear, Mark Echo, Ed Hardy and others.

Jay claims Iconix, which is now being investigated for potential federal financial disclosure violations by the SEC, amassed "a portfolio of trademarks under false pretenses."

The rap mogul claims Iconix was supposed to offer Rocawear more branding and retail support to grow the company, but instead they "absconded" with all of the brands' licensing money.

Jay's lawsuit says he would have never sold Rocawear to Iconix if he would have known the real financial condition of the company, or the "accounting" fraud the executives were allegedly engaged in.

According to The New York Post, rapper also wants Iconix to pay for his legal fees after he was forced to testify in court, as the SEC probed why bosses issued a $169 million write-down in Rocawear's value.

Comments (2)
No. 1-2

Get them Jay Z!