Iconix Brands Group, Inc. (ICON, Financial), the brand licensing company, fell on news that its COO and CFO were leaving the company, which was unsettling as the company’s accounting practices have been under scrutiny. We believe their departures are not reflective of anything amiss at the company. A new CFO has been subsequently hired. The stock now trades at a depressed multiple and growth prospects are bright based on new accretive acquisitions and the massive licensing program around the launch of the Peanuts movie later this fall, an important Iconix property.
From Baron Funds’ second quarter 2015 commentary.
