Los Angeles ( CNN ) -- Actress Lindsay Lohan , facing a new felony grand theft charge , will remain free on bond after a Los Angeles judge Wednesday revoked her probation in a previous case . Lohan faces a February 23 hearing on the alleged probation violation before Superior Court Judge Keith Schwartz , who could send her back to jail . The actress pleaded not guilty to the theft of a necklace allegedly taken from a California jewelry store last month . Schwartz revoked Lohan 's probation in a 2007 drunken driving case . He issued a $ 20,000 bond for the theft charge and an additional $ 20,000 bond in the probation revocation . At her arraignment , Schwartz warned Lohan that she could be put back in jail if she violates the law . `` Please do n't push your luck , I am telling you , the judge said . `` Things will be different . '' The theft charge announced by prosecutors Wednesday comes five weeks after the actress was released from court-ordered drug rehabilitation and less than three weeks before a judge said he might free her from supervised probation from the drunken driving conviction . Lohan was smiling at times as she sat at the defense table before the arraignment . She wore a tight-fitting white knot dress , with her long blond hair loosely tied in the back . Lohan wore what appeared to be several diamond bracelets on her right arm , complemented by diamond earrings and a large diamond-filled ring on her right hand . The 24-year-old actress allegedly walked out of the Venice store with the necklace on January 22 , a statement from the district attorney 's office said . `` The owner reported the theft to the Los Angeles Police Department , which investigated the allegation and presented evidence to the D.A . 's office last week . '' The necklace was handed over to police just before they were to execute a search warrant to look for the jewelry in Lohan 's Venice , California , apartment last week , police said . Under California 's grand theft law , prosecutor Danette Meyers must prove that Lohan intended to steal the jewelry and that she carried it away from the store . The penalty for a felony grand theft conviction ranges from 16 months to three years in a California state prison , varying based on the value of the property stolen and the criminal record of the defendant . Shoplifting offenses are charged as petty theft if the property taken is valued at less than $ 950 . The store owner claims the `` one of a kind '' necklace was worth $ 2,500 , police said . The judge could reduce the charge to a misdemeanor , which would carry a prison sentence of no more than one year . `` We vehemently deny these allegations and , if charges are filed , we will fight them in court , not in the press , '' Holley said Saturday . Lohan is on supervised probation for a drunken driving conviction . The judge overseeing her case told her in October that he would send her to jail for 180 days if she violated her probation rules before her next court appearance , set for February 25 . She left the Betty Ford clinic a month ago after three months in a drug rehabilitation program . The rehab stint persuaded the judge not to send Lohan to jail for failing a drug test .
Actress pleads not guilty at arraignment . Lohan is formally charged with felony grand theft . The prosecutor must prove Lohan intended to steal the necklace . The actress allegedly walked out of a Venice , California , store with the jewelry .