Iconix Brand Group Inc (NASDAQ: ICON) Investor Securities Class Action Lawsuit 06/23/2015

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Company Name(s): 
Iconix Brand Group
Case Name: 
Iconix Brand Group Shareholder Class Action Lawsuit 06/23/2015
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: ICON
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
06/23/2015
Class Period Begin: 
02/22/2012
Class Period End: 
11/05/2015
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
08/24/2015
Date Settled: 
09/23/2019
Settlement Amount: 
$6,000,000
Deadline to Participate in Settlement: 
01/06/2020
Settlement Notice: 
Settlement Proof: 
Summary: 

September 23, 2019 - The court preliminarily approved the settlement.

September 17, 2019 - Parties filed a stipulation of settlement.

April 27, 2018 - Defendants filed a motion to dismiss.

November 14, 2017 - The lead plaintiffs filed a second consolidated amended complaint on behalf of investors who purchased Iconix Brand Group Inc (NASDAQ: ICON) common shares between February 22, 2012 and November 5, 2015. The lead plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between February 22, 2012 and November 5, 2015.

October 25, 2017 - The court granted defendants' motion to dismiss with leave to amend.

October 27, 2016 - Defendants filed a motion to dismiss.

May 13, 2016 - The lead plaintiffs filed an amended complaint.

March 14, 2016 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated.

August 24, 2015 - Lead plaintiff motions were filed.

June 23, 2015 - An investor in shares of Iconix Brand Group Inc (NASDAQ: ICON) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Iconix Brand Group Inc in connection with certain allegedly false and misleading statements made between February 20, 2013 and April 17, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of Iconix Brand Group Inc (NASDAQ: ICON) common shares between February 20, 2013 and April 17, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 20, 2013 and April 17, 2015 defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose to investors that Iconix Brand Group Inc had underreported the cost basis of its brands, that Iconix Brand Group Inc engaged in irregular accounting practices related to the booking of its joint venture revenues and profits, free-cash flow, and organic growth, that, as a result, Iconix Brand Group Inc’s earnings and revenues were overstated, and that, as a result of the foregoing, Defendants’ statements about Iconix Brand Group Inc’s business, operations, and prospects, were allegedly false and misleading and/or lacked a reasonable basis.

Iconix Brand Group Inc reported that its annual Total Revenue rose from $353.82 million in 2012 to $461.24 million in 2014 and that its respective Net Income increased from $109.41 million to $152.74 million. Shares of Iconix Brand Group Inc (NASDAQ: ICON) grew from $14.74 per share in May 2012 to as high as $44.14 per share in June 2014.

On March 30, 2015, Iconix Brand Group Inc disclosed that on March 24, 2015, the Chief Financial Officer of Iconix Brand Group Inc notified the Company of his intention to resign. On April 17, 2015, Iconix Brand Group Inc disclosed that Chief Operating Officer (“COO”) of Iconix Brand Group Inc, tendered his resignation on April 13, 2015. Shares of Iconix Brand Group Inc (NASDAQ: ICON) declined to as low as $25.27 per share on April 20, 2015.