Iconix Brand Group has agreed to pay $550,000 to settle charges that
the company failed to produce certain documents before buying Rocawear,
according to the U.S. Department of Justice. The Department of
Justice’s Antitrust Division filed a civil lawsuit in U.S. District
Court in Washington, D.C. , against Iconix for violating the
Hart-Scott-Rodino Act. At the same time, the department filed a
proposed settlement that, if approved by the court, will settle the
charges.

According to the complaint, the Hart-Scott-Rodino Act requires parties
to supply certain documents prepared or reviewed by the company’s
officers and directors in connection with their evaluation or analysis
of the proposed transaction. Iconix submitted no such documents,
despite the fact that such documents existed, including a formal
presentation made to its Board of Directors about the transaction and a
less formal e-mail among officers and directors. In addition, when
initially asked to review whether such documents existed, Iconix
falsely reaffirmed that no such documents existed.