NEW YORK, July 06, 2015 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class (the “Class”) of investors who purchased securities of Iconix Brand Group, Inc. (“Iconix” or the “Company”) (NASDAQ:ICON) between February 20, 2013 and April 17, 2015 inclusive (the “Class Period”). Wolf Haldenstein encourages all shareholders who suffered losses of $100,000 or greater on common stock purchased within the Class Period to contact us immediately at classmember@whafh.com or (800) 575-0735.
The filed Complaint alleges that the Company: (a) underreported the cost basis of its brands and engaged in irregular accounting practices relating to the booking of its joint venture revenues and profits, free-cash flow, and organic growth.
On the evening of March 30, 2015, Iconix announced the resignation of Jeff Lupinacci, its Chief Financial Officer. Following this news, the Company's shares fell $2.72 per share, or 7%, to close at $33.67 per share on March 31, 2015. Subsequently, on April 17, 2015, Iconix announced the resignation of Seth Horowitz, its Chief Operating Officer, who had served in the position for approximately one year.
Following this news, Iconix's stock price dropped an additional $6.62 per share, over 20%, to close at $25.41 on April 20, 2015, fueling suspicions that Iconix accounting may be suspect.
If you purchased Iconix securities during the Class Period, you may, no later than August 24, 2015, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of all class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. All e-mail correspondence should make reference to the “Iconix Investigation.”
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