Morgan & Morgan Reminds Investors of Iconix Brand Group, Inc. of Important Lead Plaintiff Filing Date - ICON


NEW YORK, Aug. 14, 2015 (GLOBE NEWSWIRE) -- Morgan & Morgan reminds investors that if you purchased shares of Iconix Brand Group, Inc. ("Iconix") (NASDAQ:ICON) during the period between February 20, 2013 and April 17, 2015, inclusive, you may, no later than August 24, 2015, request that the Court appoint you lead plaintiff of the securities class actions that have been filed in the United States District Court for the Southern District of New York. 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.

If you want more information about the Iconix Securities Class Action, contact Morgan & Morgan at 1(800) 732-5200 or email info@morgansecuritieslaw.com

The complaints allege that throughout the Class Period, the Company and certain of its officers violated the Securities Exchange Act of 1934. Specifically, the complaints allege that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (a) the Company had underreported the cost basis of its brands; (b) the Company engaged in irregular accounting practices relating to the booking of its joint venture revenues and profits, free-cash flow, and organic growth; (c) as a result, the Company's earnings and revenues were overstated; and (d) defendant's statements about the Company's business, operations, and prospects were therefore false and misleading and/or lacked a reasonable basis.

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.

Then, 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. Three days later, Roth Capital Partners published an Equity Research Note, stating that there were "uncertainties surrounding [Iconix's] prior reporting of free cash flow and practice of booking joint venture gains as revenue." Following this news, Iconix's stock price dropped $6.62 per share, over 20%, to close at $25.41 on April 20, 2015.

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