The SEC is examining potential violations of federal securities laws related to Iconix's acquisition of intangible assets associated with Jay-Z's Rocawear apparel brand, according to the SEC's statement about the subpoena.
Iconix, which sells retail brands Candie's and Joe Boxer, has been under SEC investigation since December 2015 over its accounting practices.
Jay-Z, whose real name is Shawn Carter, owns a clothing brand called Rocawear. As part of that probe, the investigators issued Carter a subpoena seeking his testimony in November 2017 - but he never showed up.
"We are aware that the SEC is seeking information on Iconix's financial reporting", a spokesperson for Jay-Z said in an emailed statement.
Jay-Z's court appearance could be set aside if he reaches an agreement with the SEC to answer questions.
In 2016, Iconix publicly announced a $169 million write-down of Rocawear (a "write-down" being a reduction in its estimated value), followed by another write-down of $34 million in March of this year.
A U.S. District Court judge in NY has instructed Jay-Z to appear on May 8 at 3 p.m.to show cause why an order shouldn't be issued for his testimony.
It also said it wants to learn about his other companies that did business with Iconix and his awareness of the knowledge and intent of other people who knew of transactions involving Jay-Z, his affiliated companies and Iconix.
Carter, who married 22-time Grammy award victor Beyoncé in 2008, is worth an estimated $810 million, according to Forbes.
The SEC is looking ask about his joint ventures with Iconix, among other things.
Federal Judge Paul Gardephe (GAHR'-duh-fee) on Thursday ordered the rapper to say next week why he ignored a February subpoena from the Securities and Exchange Commission.
A representative from Iconix did not immediately respond to CNBC's request for comment.