Iconix Brand Group Inc. filed a lawsuit in Manhattan federal court against the former license holders of the Rampage brand, alleging breach of contract in connection with information over licensing revenue.
NEW YORK — Iconix Brand Group Inc. filed a lawsuit in Manhattan federal court against the former license holders of the Rampage brand, alleging breach of contract in connection with information over licensing revenue.
Iconix charged that Paul Buxbaum, chairman and chief executive officer of The Buxbaum Group, and David Ellis, president, withheld important information about the annual guaranteed licensing revenue of the Rampage brand when it was sold, according to the lawsuit, which was filed on July 25. Court documents were not immediately available. Iconix alleged that Buxbaum and Ellis deliberately misled Iconix to "prevent Iconix from seeking to negotiate a lower purchase price" for Rampage.
Buxbaum and Ellis could not be reached for comment by press time Monday. The Buxbaum Group, although not a named defendant in the lawsuit, declined comment. A spokeswoman for Iconix said the lawsuit was filed to "preserve rights," but was not served while the parties try to work out an amicable resolution.
Iconix acquired Rampage in 2005 for a reported $45.9 million, consisting of $25.8 million in cash and $20.1 million in company stock. Iconix is seeking unspecified damages plus interest and attorney's fees to be determined during the trial.
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