NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of Iconix Brand Group, Inc. (NASDAQ: ICON) resulting from allegations that Iconix may have issued materially misleading business information to the investing public.
On May 3, 2018, the Securities and Exchange Commission (“SEC”) announced that it had filed a subpoena enforcement action against Shawn “Jay-Z” Carter as part of an investigation of potential violations of the federal securities laws related to Iconix. According to the SEC, Iconix paid Jay-Z more than $200 million to acquire intangible assets associated with his Rocawear clothing label, only to write down $169 million of that investment in March 2016 and an additional $34 million in March 2018. The SEC’s application seeks Jay-Z’s testimony to inquire about, among other things, his joint ventures with Iconix. On this news, shares of Iconix fell more than $.05 per share or over 7.8% to close at $0.59 per share on May 3, 2018.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by Iconix investors. If you purchased shares of Iconix please visit the firm’s website at http://www.rosenlegal.com/cases-1334.html to join the class action. You may also contact Phillip Kim or Zachary Halper of Rosen Law Firm toll free at 866-767-3653 or via email at email@example.com or firstname.lastname@example.org.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. The Rosen Law Firm was Ranked No. 1 by Institutional Shareholder Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013.
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