An investigation on behalf of investors in Hain Celestial Group Inc (NASDAQ:HAIN) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NASDAQ:HAIN stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/21/2017 -- An investigation on behalf of current long-term investors in shares of Hain Celestial Group Inc (NASDAQ:HAIN) concerning potential breaches of fiduciary duties by certain directors and officers of Hain Celestial Group was announced.
Investors who are current long term investors in Hain Celestial Group Inc (NASDAQ:HAIN) shares, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The investigation by a law firm for current long term investors in NASDAQ:HAIN stocks follows a lawsuit filed against Hain Celestial Group over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:HAIN stocks, concerns whether certain Hain Celestial Group 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 Eastern District of New York the plaintiff alleges that the defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose that Hain Celestial Group Inc lacked adequate controls over financial reporting, that consequently, Hain Celestial Group Inc failed to correctly account for revenue associated with concessions granted to certain distributors in the United States, and that as a result of the foregoing, Hain Celestial Group Inc's public statements were materially false and misleading at all relevant times.
On August 15, 2016, Hain Celestial Group Inc announced that it would delay the release of its fourth quarter and fiscal year 2016 financial results because the Company was evaluating whether the revenue associated with concessions granted to certain distributors in the U.S. was accounted for in the correct period. Hain Celestial Group Inc also stated that it was evaluating its internal control over financial reporting.
On February 10, 2017, Hain Celestial Group Inc filed a Form with the Securities and Exchange Commission (the "SEC") announcing that it is "unable to file, without unreasonable effort or expense, its Quarterly Report on Form 10-Q for the quarter ended December 31, 2016 (the "Form 10-Q") by February 9, 2017, the original due date for such filing." Additionally, Hain Celestial Group Inc stated that, "[a]s previously disclosed in the Company's Current Report on Form 8-K filed on August 15, 2016, during the fourth quarter of fiscal 2016, the Company identified concessions that were granted to certain distributors in the United States and commenced an internal accounting review in order to determine whether the revenue associated with those concessions was accounted for in the correct period and to evaluate its internal control over financial reporting. The Audit Committee of the Company's Board of Directors separately conducted an independent review of these matters and retained independent counsel to assist in their review. On November 16, 2016, the Company announced the completion of the independent review conducted by the Audit Committee, which found no evidence of intentional wrongdoing in connection with the Company's financial statements, and that the Company would not be in a position to release financial results until the completion of its internal accounting review and audit process. Although the initial focus of the Company's internal accounting review pertained to the evaluation of the timing of the recognition of the revenue associated with the concessions granted to certain distributors, the Company subsequently expanded its review to perform an analysis of previously-issued financial information in order to identify and assess any potential errors, which is ongoing." Finally, Hain Celestial Group Inc disclosed that the "SEC has issued a formal order of investigation and, pursuant to such order, the SEC issued a subpoena to the Company seeking relevant documents."
Those who purchased shares of Hain Celestial Group Inc have certain options and should contact the Shareholders Foundation.
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