Defendant Name:
Iconix Brand Group, Inc.
Defendant Type:
Public Company
SIC Code:
3144
CUSIP:
45105510
Document Reference:
comp-pr2019-251-iconix
Document Details
Legal Case Name
SEC v. Iconix Brand Group, Inc.
Document Name
Complaint
Document Date
05-Dec-2019
Document Format
Civil Proceeding
Case Number
19-cv-11150
Federal District Court
New York, Southern District of New York
Allegation Type
Issuer Reporting and Disclosure
Document Summary
The SEC stated: "This action concerns an intentional fraud perpetrated by Iconix Brand Group, Inc. ("Iconix"), through its former senior management, to recognize false revenue and manipulate reported earnings in 2014. This action also concerns Iconix's negligence-based accounting and reporting fraud, between 2013 and the third quarter of 2015, in failing to: (i) write off two licensees' uncollectible receivables; and (ii) impair the amount of certain intellectual property assets related to three brands, despite clear indicators of impairment. Finally, the action concerns Iconix's improper accounting and reporting in connection with these transactions, as well as the deficient internal accounting policies and procedures that resulted in Iconix's improper conduct."