New York, New York (PRWEB) April 08, 2013
Zamansky & Associates LLC announces that its updating its investigation over potential violations of the Employee Retirement Income Security Act (“ERISA”) in the J.C. Penney Corporation’s Employee Savings, Profit-Sharing and Stock Ownership Plan (the “Plan”). On March 10, 2013, Zamansky made an announcement concerning its investigation on behalf of employees and former employees who purchased or owned company stock through the Plan over possible ERISA violations for breach of fiduciary duty and failure to prudently monitor its investment options.
On April 2, 2013, CNBC reported that J.C. Penney announced that its CEO Ron Johnson was taking a large pay cut for 2012. His total compensation in 2012 was $1.9 million, down from $53 million in 2011. He received no stock awards, according to CNBC and the stock is down 25% and steep losses were reported.
According to Jacob Zamansky, “Johnson may finally be feeling the same pain that J.C. Penney employees who invested in stock under the Plan, or others who were let go, are feeling.” Zamansky believes that the Plan fiduciaries should have halted purchased in Company stock or withdrawn it as an investment option under the Plan. According to the Plan’s 2011 Annual Report filed on Form 11-K with the S.E.C. on June 29, 2012, there was over $514 million invested in company stock.
What Former or Current JCP Employees Can Do
If you are a JC Penney employee or former employee and would like to discuss your legal rights, you may, without obligation or cost to you, email jake(at)zamansky(dot)com or call the law firm at (212) 742-1414.
About Zamansky & Associates
Zamansky & Associates LLC is one of the leading law firms specializing in securities fraud and financial services arbitration and class action litigation. We represent both individual and institutional investors. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover losses.
To learn more about Zamansky, please visit our website, http://www.zamansky.com.
Zamansky & Associates, LLC
50 Broadway - 32nd Floor
New York, NY 10004
Jake Zamansky, 212-742-1414