SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been brought on behalf of investors who purchased or otherwise acquired the securities of Iconix Brand Group, Inc. (“Iconix” or the “Company”) (NasdaqGS:ICON) between February 20, 2013 and April 17, 2015, inclusive (the “Class Period”).
If you purchased or otherwise acquired Iconix securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than August 24, 2015. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Iconix investors who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Iconix Securities Class Litigation
The actions charge Iconix and certain of its current and former officers with violations of sections 10(b) and 20(a) of the Securities Exchange Act of 1934. 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 actions allege that defendants made false and/or misleading statements and/or failed to disclose to investors that: (1) the Company had underreported the cost basis of its brands; (2) 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) as a result, the Company’s earnings and revenues were overstated; and (4) 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.
After the market closed on March 30, 2015, the Company announced that its Chief Financial Officer, Jeff Lupinacci, had resigned effective that day. On this news, the price of Iconix shares fell $2.72 per share, or 7.47% from the closing price of $36.39 on March 30, 2015, to close at $33.67 per share on March 31, 2015, on elevated trading volume.
After the market closed on April 17, 2015, 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.
On 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. On this news, the price of Iconix shares declined $6.62 per share, or 20.67% from the previous closing price of $32.03 on April 17, 2015, to close at $25.41 per share on April 20, 2015, on extremely high trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for eleven years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs' bar and that demonstrated unusual dedication and creativity.” Best Lawyers and U.S. News have also named Lieff Cabraser as a “Law Firm of the Year” each year the publications have given this award to law firms.
For more information about Lieff Cabraser and the firm’s representation of investors, please visit lieffcabraser.com.
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