BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming October 17, 2016 deadline to file a lead plaintiff motion in the class action lawsuit filed on behalf of investors who purchased or otherwise acquired The Hain Celestial Group, Inc. (“Hain” or the “Company”) (NASDAQ: HAIN) securities between November 5, 2015 and August 16, 2016, inclusive (the “Class Period”). Hain investors have until October 17, 2016 to file a lead plaintiff motion.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that (1) Hain lacked effective internal control over financial reporting; (2) Hain failed to properly account for revenue associated with concessions that were granted to certain distributors in the United States; and (3) as a result, defendants’ statements about Hain’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
On August 15, 2016, Hain 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 also stated that it was evaluating its internal control over financial reporting. On this news, the Company’s stock price fell over 26%, or $14.05 per share, to close on August 16, 2016 at $39.35 per share.
Note: On August 30, 2016, Hain reported to the SEC that the Company cannot file its annual report for the fiscal year ended June 30, 2016 by the August 29, 2016 deadline, as Hain and its audit committee continue their investigation into concessions granted to certain distributors. On this news the Company’s shares fell further, thereby injuring investors.
If you purchased Hain shares, you may move the Court no later than October 17, 2016 to request appointment as lead plaintiff. 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 if you have any questions concerning this announcement or your rights or interests with respect to these matters, 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.
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