NEW YORK, Aug. 17, 2016 /PRNewswire/ -- Attorney
Advertising--Bronstein, Gewirtz & Grossman, LLC notifies
investors that a class action lawsuit has been filed against The
Hain Celestial Group, Inc. ("Hain" or the "Company") (NASDAQ: HAIN)
and certain of its officers. The class action is on behalf of
a class consisting of all persons or entities who purchased
Concordia securities between November 5,
2015 through August 15, 2016,
inclusive (the "Class Period").
This class action seeks to recover damages against Defendants
for alleged violations of the federal securities laws under the
Securities Exchange Act of 1934 (the "Exchange
Act").
The Hain Celestial Group is an American food company that
manufactures and distributes natural foods and personal care
products to the United States, the
United Kingdom, Canada, and Europe.
The Complaint alleges that throughout the Class Period,
Defendants made materially false and/or misleading statements, and
failed to disclose material adverse facts about the Company's
business, operations, and prospects. Specifically, defendants
made false and/or misleading statements and/or failed to disclose
that: (1) Hain did not have sufficient controls over financial
reporting; (2) therefore, Hain failed to properly account for its
revenue in connection with some of its US distributors; and (3)
consequently, Hain's public statements were materially false and
misleading at all relevant times.
On August 15, 2016, post-market
Hain said it would be delaying its fourth quarter and fiscal year
2016 financial results, "[d]uring the fourth quarter, the
Company identified concessions that were granted to certain
distributors in the United States.
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." Hain also said that it does not anticipate reaching
its previously announced guidance for fiscal year 2016.
Following this news, Hain stock dropped $14.05 per shares, or 26.31%, to close at
$39.35 on August 16, 2016.
A class action lawsuit has already been filed. If you wish to
review a copy of the Complaint you can visit the firm's site:
http://www.bgandg.com/hain or you may contact Peretz Bronstein, Esq. or his Investor Relations
Analyst, Yael Hurwitz of Bronstein,
Gewirtz & Grossman, LLC at 212-697-6484 or via email
info@bgandg.com. Those who inquire by e-mail are encouraged to
include their mailing address and telephone number. If you
suffered a loss in Hain you have until October 17, 2016 to request that the Court
appoint you as lead plaintiff. Your ability to share in any
recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation
boutique. Our primary expertise is the aggressive pursuit of
litigation claims on behalf of our clients. In addition to
representing institutions and other investor plaintiffs in class
action security litigation, the firm's expertise includes general
corporate and commercial litigation, as well as securities
arbitration. Attorney advertising. Prior results do not
guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
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SOURCE Bronstein, Gewirtz & Grossman, LLC