Iconix Brand Group Announces SEC has Issued a Formal Order of Investigation
by Paul Quintaro - Benzinga
Iconix Brand Group, Inc. (Nasdaq: ICON) ("Iconix" or the "Company") today announced that the Company received a formal order of investigation from the Staff of the SEC. The Company intends to fully cooperate with the SEC.
As previously disclosed, the Company is currently in a comment letter process with the Staff of the SEC related to the accounting treatment for the formation of certain joint ventures. Additionally, the Company formed a Special Committee of the Board of Directors to conduct a review of the accounting treatment related to certain of the Company's transactions.
As announced in a Form 8-K filed on November 5, 2015, the Company's current management team determined, based in part on the Special Committee's review, that the Company would restate its historical financial statements in respect of (i) the 2013 fiscal year and the fourth quarter thereof, (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. The Company completed these restatements, which were filed at the end of November 2015.
Iconix will continue to focus on building its brand management platform across the globe and is committed to driving the long term success of the Company. The Company is currently in active discussions with potential lenders and continues to expect to be in a position to refinance its 2016 convertible notes.
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