Report: J.C. Penney sued over share sale; shareholder seeks class action suit

Plano, Texas – J.C. Penney Company shareholder Alan Marcus is suing the troubled department store chain because of its recent decision to build equity by issuing more than $800 million worth of new stock, which sent share values plunging, Reuters reported.



The report said Marcus, who bought 300 shares of Penney stock on Sept. 26 shortly before the new stock was announced, is trying to obtain class-action status for his suit.



Marcus is being represented by law firm Robbins Geller Rudman & Dowd, which often represents plaintiffs in class action suits. He wants the suit to cover anyone who held Penney shares between Aug. 20 and Sept. 26, 2013.