Authorities at the U.S. Securities and Exchange Commission (SEC) reportedly issued subpoenas to Jay-Z in November 2017 and again in February, when he hired a new attorney, seeking to speak to the rap mogul over his dealings with Iconix.
Carter and business partner Damon "Dame" Dash sold the rights to their urban apparel line Rocawear to Iconix in 2007 for $204 million.
While the SEC seems concerned that Jay, whose real name is Shawn Carter, hasn't yet testified, Carter's representatives maintain that he shouldn't have anything to do with this investigation at all.
"Mr Carter is private citizen who should not be involved in this matter", the statement said.
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The SEC described Jay-Z, whose hits include "99 Problems" and "Empire State of Mind", as an "important witness" who has "defied two lawful subpoenas", failing to show up twice for scheduled testimony.
As of Thursday afternoon, the dates on which Jay-Z will appear in court to testify are unknown.
The agency wants Jay-Z's testimony in looking at the brand management company's write down of the value of Rocawear by $169 million in March 2016 and an additional $34 million this year. The SEC is now filing a subpoena enforcement action against Jay-Z for testimony to inquire about his joint venture with Iconix.
Carter must appear in a Manhattan court room on May 8 to make his case, according to a court document made public Thursday. At the time, Rocawear was reported to have annual sales of over $700 million.
A NY judge says Jay-Z must explain why he's dodging a subpoena rather than answering questions related to a probe of a consumer brand company. It posted a $557 million loss a year ago, while annual revenue fell 7 percent to $226 million.