INVESTOR ALERT: Class Action Lawsuit against Annie's, Inc. Announced by Law Offices of Howard G. Smith
BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of all purchasers of the securities of Annie's, Inc. (“Annie’s” or the “Company”) (NYSE:BNNY) between August 8, 2013 and June 3, 2014, inclusive (the “Class Period”).
“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.”
Annie’s 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: (1) the Company’s historical methodology for estimating certain trade allowances did not include all related trade promotion costs; (2) the Company’s controls over accounting for contract manufacturing did not sufficiently evaluate the valuation and accuracy of all contract manufacturing receivables and payables; (3) the Company had a material weakness in its ability to detect misstatements as a result of its insufficient controls; and (4) 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 disclosed that the Company had identified a material weakness in its internal control over financial reporting, 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.”
If you are a member of the Class described above, you have until August 11, 2014, to move the Court 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, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.