NEW YORK, Aug. 17, 2016 /PRNewswire/ -- Tripp Levy
PLLC, one of the leading law firms representing investors
nationwide, is investigating possible securities law violations
involving Hain Celestial Group, Inc. (NASDAQ: HAIN) ("Hain" or
the "Company"), a leading food, beverage, and personal care
products company.
The investigation concerns Hain Celestial's August 15, 2016 announcement that it would
postpone the release of its fourth quarter and fiscal year 2016
financial results. The Company also stated that it does not expect
to achieve its previously announced guidance for fiscal year
2016.
Specifically, on August 15, 2016
the Company announced it will delay the release of its fourth
quarter and fiscal year 2016 financial results. Hain
explained it "has recognized revenue pertaining to the sale of its
products to certain distributors at the time the products are
shipped to such distributors." Further, "[t]he Company is
evaluating whether the revenue associated with the concessions
granted to certain distributors should instead have been recognized
at the time the products sell through its distributors to the end
customers."
The Company is currently evaluating whether the revenue
associated with those concessions was accounted for in the correct
period and is also currently evaluating its internal control over
financial reporting. The Audit Committee of the Company's Board of
Directors is conducting an independent review of these matters and
has retained independent counsel to assist in that review."
Following this news, shares of Hain Celestial stock declined
over $15.00 per share, or almost 30%,
opening at $37.85 on August 16, 2016.
If you purchased shares of HAIN and have suffered a loss from
your investment in HAIN common stock and would like to learn more
information about this investigation, including your ability to
potentially recover your losses, please contact us either by email
at contact@tripplevy.com or by telephone at 800.511.7037 or visit
our website at www.tripplevy.com/participate-in-an-action.
Tripp Levy PLLC
New York, New York
Toll Free: 800.511.7037
International: 602.241.2841
Email: contact@tripplevy.com
www.tripplevy.com
Tripp Levy PLLC represents individuals and institutional
shareholders in shareholder transactions and has assisted in the
recovery of billions of dollars for shareholders in securities
actions around the globe.
Attorney advertising. Prior results do not indicate a
similar outcome
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SOURCE Tripp Levy PLLC