LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP, representing investors of Annie's, Inc. (the “Company”) (NYSE:BNNY), has filed a class action lawsuit in the United States District Court for the Northern District of California on behalf of a class (the “Class”) comprising all purchasers of Annie’s, Inc. securities between August 8, 2013 and June 3, 2014, inclusive (the “Class Period”).
Please contact Glancy Binkow & Goldberg LLP, toll-free at (888) 773-9224 or at (212) 682-5340, or by email to email@example.com to discuss this matter.
Annie’s, Inc. produces, markets and distributes natural and organic food products, including meals, snacks, dressings, condiments and other products. The Complaint alleges that defendants misrepresented and/or failed to disclose material adverse facts about the Company’s operations and financial performance, including that:
- The Company’s historical methodology for estimating certain trade allowances did not include all related trade promotion costs.
- The Company’s controls over accounting for contract manufacturing did not sufficiently evaluate the valuation and accuracy of all contract manufacturing receivables and payables.
- The Company had a material weakness in its ability to detect misstatements as a result of its insufficient controls.
- As a result of its inadequate internal and financial controls, the Company’s financial statements were materially false and misleading at all relevant times.
On June 2, 2014, Annie’s, Inc. disclosed that the Company had identified a material weakness in its internal control over financial reporting that was not effective as of March 31, 2014. According to the Company, the material weakness related to “an insufficient complement of finance and accounting resources…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.” Then, on June 3, 2014, after the market close, Annie’s announced that its independent registered public accounting firm, PricewaterhouseCoopers LLP, was resigning effective the earlier of August 11, 2014, or the completion of the Company’s filing with the SEC of the Form 10-Q for the period ending June 30, 2014.
If you are a member of the Class described above, you may move the Court no later than 60 days from the date of this Notice to serve as lead plaintiff, if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, Toll Free at (888) 773-9224, or contact Gregory Linkh, Esquire, of Glancy Binkow & Goldberg LLP at 122 E. 42nd Street, Suite 2920, New York, New York 10168, at (212) 682-5340, by e-mail to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.