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Case Status:    SETTLED
On or around 06/03/2020 (Other)

Filing Date: June 23, 2015

According to the law firm press release, Iconix is a brand management company and owner of a diversified portfolio of global consumer brands across women’s, men’s, entertainment and home. The Complaint alleges that defendants made false and/or misleading statements and/or failed to disclose to investors that: (1) that the Company had underreported the cost basis of its brands; (2) that the Company engaged in irregular accounting practices related to the booking of its joint venture revenues and profits, free-cash flow, and organic growth; (3) that, as a result, the Company’s earnings and revenues were overstated; and (4) that, as a result of the foregoing, Defendants’ statements about Iconix’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

On March 30, 2015 after the market closed, the Company announced that its Chief Financial Officer had resigned effective March 30, 2015. Following this news, shares of Iconix fell $2.72 per share, or 7%, to close on March 31, 2015, at $33.67 per share on unusually high volume.

On Friday, April 17, 2015, after the market closed, Iconix announced that the Company’s Chief Operating Officer had resigned after serving for approximately one year. The Company stated that it did not intend to name a new COO. Then, on Monday, April 20, 2015, Roth Capital Partners, published an Equity Research Note, criticizing the Company’s alleged accounting irregularities concerning free-cash flow accounting, organic growth, and gains on licensing fees. Following this news, shares of Iconix declined $6.62 per share, over 20%, to close on April 20, 2015, at $25.41 per share, on unusually heavy volume.

Plaintiffs filed a consolidated Complaint on May 13, 2016.

On October 25, 2017, the Court granted Defendants' Motion to Dismiss, with leave to amend. An amended Complaint was filed on November 14.

On September 16, 2019, the parties entered into a Stipulation of Settlement. The Court issued an Order granting preliminary approval of the Settlement on September 23. On January 23, 2020, the Court granted final approval of the Settlement and entered Final Judgment. On February 24, One of the class members filed a notice appealing the Court's final judgment approving the Settlement.


Sector: Consumer Cyclical
Industry: Footwear
Headquarters: United States


Ticker Symbol: ICON
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data

"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 15-CV-04860
JUDGE: Hon. Paul G. Gardephe
DATE FILED: 06/23/2015
CLASS PERIOD END: 04/17/2015
  1. Glancy Prongay & Murray LLP
  2. Law Offices of Howard G. Smith
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 15-CV-04860
JUDGE: Hon. Paul G. Gardephe
DATE FILED: 11/14/2017
CLASS PERIOD END: 11/05/2015
  1. Robbins Geller Rudman & Dowd LLP (Melville)
No Document Title Filing Date
—Related District Court Filings Data is not available