Iconix Brand Group Inc. shares plummeted late Thursday after the owner of brands such as London Fog and Ed Hardy cut its outlook and said it would have to restate financial results for the last seven quarters. Iconix shares dropped 58% to $6.75. The company said it sees adjusted earnings of $1.55 to $1.60 a share for the year, down from its previous $2.24 to $2.39 a share, and adjusted earnings of 33 cents a share for the third quarter. Analysts surveyed by FactSet had forecast earnings of $2.08 a share for the year, and 52 cents a share for the third quarter. Iconix said it will have to restate financial results for the fourth quarter of 2013, all quarters in 2014, and the first and second quarters of 2015.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News