Iconix Brand Group, Inc. investors may receive additional information about the case by clicking the link "Join this Class Action" above.
Iconix is a brand management company and owner of a diversified portfolio of global consumer brands across women’s, men’s, entertainment and home. The Complaint alleges that defendants made false and/or misleading statements and/or failed to disclose to investors that: (1) that the Company had underreported the cost basis of its brands; (2) that the Company engaged in irregular accounting practices related to the booking of its joint venture revenues and profits, free-cash flow, and organic growth; (3) that, as a result, the Company’s earnings and revenues were overstated; and (4) that, as a result of the foregoing, Defendants’ statements about Iconix’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On March 30, 2015 after the market closed, the Company announced that its Chief Financial Officer Jeff Lupinacci had resigned effective March 30, 2015. Following this news, shares of Iconix fell $2.72 per share, or 7%, to close on March 31, 2015, at $33.67 per share on unusually high volume.
On Friday, April 17, 2015, after the market closed, Iconix announced that the Company’s Chief Operating Officer (“COO”) Seth Horowitz had resigned after serving for approximately one year. The Company stated that it did not intend to name a new COO. Then, on Monday, April 20, 2015, Roth Capital Partners, published an Equity Research Note, criticizing the Company’s alleged accounting irregularities concerning free-cash flow accounting, organic growth, and gains on licensing fees. Following this news, shares of Iconix declined $6.62 per share, over 20%, to close on April 20, 2015, at $25.41 per share, on unusually heavy volume.
If you are a member of the class described above, you may no later than August 24, 2015, move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706