NEW YORK, Aug. 17, 2016 /PRNewswire/ -- Robbins Geller
Rudman & Dowd LLP ("Robbins Geller")
(http://www.rgrdlaw.com/cases/haincelestial/) today announced that
a class action has been commenced on behalf of purchasers of The
Hain Celestial Group, Inc. ("Hain" or the "Company") (NASDAQ: HAIN)
securities during the period between November 5, 2015 and August 16, 2016, inclusive (the "Class
Period"). This action was filed in the Eastern District of
New York and is captioned
Spadola v. The Hain Celestial Group, Inc., et al., No.
2:16-cv-04597 (E.D.N.Y).
If you wish to serve as lead plaintiff, you must move the Court
no later than 60 days from today. If you wish to discuss this
action or have any questions concerning this notice or your rights
or interests, please contact plaintiff's counsel, Samuel H. Rudman, Mario
Alba Jr. or Andrew L.
Schwartz of Robbins Geller at 800/449-4900 or 619/231-1058,
or via e-mail at djr@rgrdlaw.com. If you are a member of this
class, you can view a copy of the complaint as filed or join this
class action online at
http://www.rgrdlaw.com/cases/haincelestial/. Any member of
the putative class may move the Court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and
remain an absent class member.
The complaint charges Hain and certain of its officers and
directors with violations of the Securities Exchange Act of
1934. Hain is a publicly traded organic and natural products
company with operations in North
America, Europe and
India.
The complaint alleges that during the Class Period, defendants
misrepresented and failed to disclose material adverse facts
regarding the Company's business and prospects, which were known to
defendants or recklessly disregarded by them, including that:
(a) the Company had been improperly and prematurely
recognizing revenues where it had granted customer concessions; (b)
Hain's financial results were materially false and misleading in
violation of U.S. Generally Accepted Accounting Principles; (c)
Hain's internal controls were so materially inadequate that its
reported results were not reliable; and (d) as a result, the
Company was not on track to achieve the financial results it stated
it was on track to achieve during the Class Period.
On August 15, 2016, after the
close of trading, Hain issued a press release disclosing that it
would have to delay the release of its fourth quarter and fiscal
year 2016 financial results. The Company announced that
during the fourth quarter, it had identified concessions that were
granted to certain distributors in the
United States and it was evaluating whether the revenue
associated with those concessions was accounted for properly.
Hain also announced that it was evaluating its internal control
over financial reporting. As a result of these disclosures,
the price of Hain common stock fell more than $14 per share to close at $39.35 per share on August
16, 2016, a one-day decline of more than 26%, on extremely
high trading volume of more than 41.5 million shares traded, or 25
times the average trading volume over the preceding ten trading
days.
Plaintiff seeks to recover damages on behalf of all purchasers
of Hain securities during the Class Period (the "Class"). The
plaintiff is represented by Robbins Geller, which has extensive
experience in prosecuting investor class actions including actions
involving financial fraud.
Robbins Geller is widely recognized as one of the leading law
firms advising U.S. and international institutional investors in
securities litigation and portfolio monitoring. With 200
lawyers in 10 offices, Robbins Geller has obtained many of the
largest securities class action recoveries in history and was
ranked first in both total amount recovered for investors and
number of securities class action recoveries in ISS's SCAS Top 50
Report for the last two years. Robbins Geller attorneys have
shaped the law in the areas of securities litigation and
shareholder rights and have recovered tens of billions of dollars
on behalf of the Firm's clients. Robbins Geller not only
secures recoveries for defrauded investors, it also strives to
implement corporate governance reforms, helping to improve the
financial markets for investors worldwide. Please visit
rgrdlaw.com/cases/haincelestial/ for more information.
https://www.linkedin.com/company/rgrdlaw
https://twitter.com/rgrdlaw
https://www.facebook.com/rgrdlaw
https://plus.google.com/+Rgrdlaw/posts
Logo -
http://photos.prnewswire.com/prnh/20150415/198876LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/robbins-geller-rudman--dowd-llp-files-class-action-suit-against-the-hain-celestial-group-inc-300315195.html
SOURCE Robbins Geller Rudman & Dowd LLP