Iconix Brands plunges on SEC investigation

NEW YORK (AP) — Iconix, a clothing brand licensing company, is being investigated by the Securities and Exchange Commission The formal letter of investigation was sent by the SEC nearly two months after the company said that it would have to resubmit some financial statements. The New York...

NEW YORK (AP) — Iconix, a clothing brand licensing company, is being investigated by the Securities and Exchange Commission

The formal letter of investigation was sent by the SEC nearly two months after the company said that it would have to resubmit some financial statements.

The New York company is speaking with the SEC in regard to the accounting treatment for the formation of certain joint ventures, it said. It has also formed a special committee to review some transactions.

In November, the company restated financial results going back to 2013.

Shares of Iconix Brand Group Inc. plunged 17 percent in early trading Monday.

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