Iconix Brand Group Spikes 8%: Here's Why

Shares of Iconix Brand Group Inc

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(NASDAQ: ICON) were trading higher by more than 8 percent on Friday after the company confirmed it will restate historical financial statements following receipt of a letter from the SEC.Iconix Brand added that it has responded to the SEC's letter and addressed all questions that were raised. The company noted that the SEC's letter was related to "highly technical accounting standards" and that its restatement won't have any impact on its free cash flow.A Form 10-K for the quarter and year ended December 31, 2015 will be released by March 15, 2016. The new results will reflect "the Company's conclusions related to the accounting treatment applied to certain transactions."Iconix Brand also noted it remains "highly focused" on positioning its brand for long-term success and on track to achieve its 2015 and 2016 guidance.