San Diego, CA -- (SBWIRE) -- 07/09/2014 -- An investigation on behalf of current long-term investors in shares of Annies Inc (NYSE:BNNY) concerning potential breaches of fiduciary duties by certain directors and officers of Annies Inc was announced.
Investors who are current long term investors in Annies Inc (NYSE:BNNY) shares, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in NYSE:BNNY stocks follows a lawsuit filed recently against Annies Inc over alleged securities laws violations. The investigation on behalf of current long term investors in NYSE:BNNY stocks, concerns whether certain Annies officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Northern District of California the plaintiff alleges that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 between August 8, 2013 and June 3, 2014. The plaintiff claims that defendants allegedly misrepresented and/or failed to disclose material adverse facts about Annies Inc’s operations and financial performance, including that Annies Inc's historical methodology for estimating certain trade allowances did not include all related trade promotion costs, that Annies Inc's controls over accounting for contract manufacturing did not sufficiently evaluate the valuation and accuracy of all contract manufacturing receivables and payables., that Annies Inc had a material weakness in its ability to detect misstatements as a result of its insufficient controls., and that as a result of its inadequate internal and financial controls, Annies Inc's financial statements were materially false and misleading at all relevant times.
On June 4, 2014, Annies Inc announced in an Securities and Exchange Commission filing, that "on June 1, 2014, the Audit Committee of the Board of Directors (the "Audit Committee") of Annie's Inc. (the "Company") was orally informed by its independent registered public accounting firm, PricewaterhouseCoopers LLP ("PwC"), that PwC was resigning effective the earlier of August 11, 2014 or the completion of the Company's filing with the Securities and Exchange Commission of the Form 10-Q for the period ending June 30, 2014." Annies Inc also disclosed that that there was "material weakness in internal control over financial reporting" for the fiscal year ended March 31, 2014. "The material weakness identified in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2014 related to an insufficient complement of finance and accounting resources, including employee turnover, within the organization resulting in design deficiencies in certain areas in which our controls were not precise enough to detect misstatements that in the aggregate could be material to the consolidated financial statements."
Shares of Annies Inc closed on July 7, 2014, at $33.90 per share.
Those who purchased shares of Annies Inc (NYSE:BNNY) have certain options and should contact the Shareholders Foundation.
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