December 19, 2016 (Shareholders Foundation) - An investigation on behalf of current long-term investors in shares of J C Penney Company Inc (NYSE:JCP) was announced over potential breaches of fiduciary duties by certain officers and directors at J C Penney Company.

The investigation by a law firm concerns whether certain J C Penney Company officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.

J C Penney Company Inc reported that its Total Revenue rose from over $12.25 billion for the 52 weeks period that ended on January 31, 2015 to over $12.62 billion for the 52 weeks period that ended on January 30, 2016 and that its Net Loss for those respective time frames declined from $771 million to $513 million.

On December 7, 2016, the Los Angeles City Attorney's Office filed a lawsuit against J C Penney Company Inc and other national retail giants. According to the complaint J C Penney Company Inc allegedly has engaged in false reference pricing as a frequent business practice, thereby misleading consumers. The complaint further alleged that J C Penney Company Inc continues to engage in such deceptive (and illegal) acts, despite representing to a federal district court (in November 2015) that it would no longer do so.

Shares of J C Penney Company Inc (NYSE:JCP) declined on December 15, 2016, to as low as $8.59 per share.