Federman & Sherwood Investigates Iconix Brand Group, Inc. for Possible Violations of Federal Securities Laws

OKLAHOMA CITY--(BUSINESS WIRE)--

The law firm of Federman & Sherwood has initiated an investigation into Iconix Brand Group, Inc. ICON with respect to possible violations of federal securities laws.

Iconix Brand Group, Inc. ("Iconix") is a consumer goods company headquartered in New York, New York. Federman & Sherwood's investigation focuses on allegations that certain current and/or former senior officers and directors breached their fiduciary duties. On November 5, 2015, Iconix announced that based on the Special Committee's review and additional review by the Company's Audit Committee and current management team, the Board of Directors, Audit Committee and the Company's current management team concluded that the Company will restate its historical financial statements in respect of (i) the fourth quarter and annual results of 2013, (ii) the 2014 fiscal year and each quarterly period thereof and (iii) the first and second quarters of 2015, to correct certain errors in accounting. These restatements include (i) the classification of contractually obligated expenses, retail support and other costs as selling, general and administrative expenses, as opposed to netting such expenses against licensing or other revenue, as applicable, (ii) inadequate support for revenue recognition relating to certain license agreements, and (iii) inadequate estimation of accruals related to retail support for certain license agreements.

If you currently own common stock in Iconix Brand Group, Inc., have any information to assist in our investigation, or have questions or concerns regarding this notice or your rights or interests in this matter, please contact Federman & Sherwood. Federman & Sherwood has extensive nationwide experience in representing investors in securities, derivative and merger-related shareholder class actions, and has been appointed as lead counsel in multiple complex cases across the country.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160524006721/en/