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Why Iconix Brand (ICON) Stock Is Sinking Today

NEW YORK (TheStreet) -- Shares of Iconix Brand Group (ICON - Get Report) were falling 51.7% to $7.80 on Friday after the apparel company announced it will restate certain financial statements from 2013 to 2015, and cut its full year guidance.

Iconix said that its audit committee concluded the company will restate its financial results for the fourth quarter and full year 2013, every quarter of 2014, full year 2014, and the first and second quarter of 2015 to correct accounting errors.

The company believes the adjustments will cut its 2014 operating income by about $6 million and its first half 2015 operating income by about $1.6 million.

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Iconix said it now expects licensing revenue of $370 million to $380 million for full year 2015, down from a range of $410 million to $425 million. The company expects zero "other revenue" for the year, down from its guidance range of $5 million to $15 million for the year.

The company also lowered its 2015 EPS guidance to a range of $1.35 to $1.40 a share, down from $2 to $2.15 a...