NEW YORK — The hedge fund manager William A. Ackman moved Monday to sell his roughly 18 percent stake in J.C. Penney, nearly two weeks after he resigned from the board amid an unusual public battle with his fellow directors.
Penney filed a prospectus with regulators giving notice that Ackman’s firm, Pershing Square Capital Management, plans to sell its 39.1 million shares. The company, which will not receive any proceeds from the sale, did not list an expected selling price.
Shares in Penney closed at $13.35 on Monday, valuing the stake at about $522 million. Pershing first began buying stock in the retailer three years ago at an average price of about $21.06, about 37 percent higher than where it trades now.
A spokeswoman for Ackman declined to comment beyond the prospectus. Full story for BostonGlobe.com subscribers.