San Diego, CA -- (SBWIRE) -- 05/23/2016 -- Certain directors of New York based Iconix Brand Group Inc are under investigation over potential wrongdoing. The investigation was announced on behalf of current long-term investors in NASDAQ:ICON shares over potential breaches of fiduciary duties by certain directors at Iconix Brand Group.

Investors who purchased shares of Iconix Brand Group Inc (NASDAQ:ICON) and currently hold any of those NASDAQ:ICON shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.

The investigation by a law firm concerns whether certain Iconix Brand Group directors breached their fiduciary duties and caused damage to the company and its shareholders.

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. (the "Company"), 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.

On June 23, 2015, a lawsuit was filed against Iconix Brand Group Inc over alleged securities laws violations. The plaintiff alleged that the defendants made certain 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's earnings and revenues were overstated, and that, as a result of the foregoing, Defendants' statements about Iconix Brand Group's business, operations, and prospects, were allegedly false and misleading and/or lacked a reasonable basis.

On November 5, 2015, Iconix Brand Group Inc disclosed that it would restate its previously issued financial statements for: (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.

Shares of Iconix Brand Group Inc (NASDAQ:ICON) declined from $41.14 per share in June 2014 to as low as $4.67 per share in January 2016.

Those who purchased shares of Iconix Brand Group Inc have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com