RADNOR, Pa., Aug. 18, 2016 /PRNewswire/ -- The law firm of
Kessler Topaz Meltzer & Check, LLP announces that a shareholder
class action lawsuit has been filed against The Hain Celestial
Group, Inc. (NASDAQ:HAIN) ("Hain" or the "Company") on behalf
of purchasers of the Company's securities between
November 5, 2015 and August 15, 2016, inclusive (the "Class
Period").
Investors who purchased Hain securities
during the Class Period may, no later than October 17, 2016, seek to be appointed as a lead
plaintiff representative of the class. For additional
information please visit
www.ktmc.com/new-cases/hain-celestial-group#join.
Hain shareholders who wish to discuss this action and their
legal options are encouraged to contact Kessler Topaz Meltzer &
Check, LLP (Darren J. Check, Esq.,
D. Seamus Kaskela, Esq. or
Adrienne O. Bell, Esq.) at (888) 299
– 7706 or at info@ktmc.com.
Hain manufactures, markets, distributes and sells organic and
natural food and products. Founded in 1993, the Company sells
its products in approximately 70 countries worldwide.
The shareholder class action complaint alleges that Hain and
certain of its executive officers made a series of false and
misleading statements and/or failed to disclose material adverse
information to investors during the Class Period, including the
following: (1) that the Company lacked adequate
controls over financial reporting; (2) that the Company
failed to correctly account for revenue associated with concessions
granted to certain distributors in the
United States; and (3) as a result of the foregoing, Hain's
public statements were materially false and misleading at all
relevant times.
On August 15, 2016, Hain announced
that it was delaying the release of its Fourth Quarter and Fiscal
2016 financial results, and that it expected to experience a delay
in the filing of its Annual Report, after identifying "concessions
that were granted to certain distributors in the United States." The Company further
announced that it was "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." Additionally, the Company disclosed that it did
not expect to achieve its previously announced guidance for Fiscal
2016.
Following this news, shares of the Company's stock declined
$14.05 per share, or over 26%, to
close on August 16, 2016 at
$39.35 per share, on unusually heavy
trading volume.
Hain shareholders may, no later than October 17, 2016, seek to be appointed as
a lead plaintiff representative of the class through Kessler Topaz
Meltzer & Check or other counsel, or may choose to do nothing
and remain an absent class member. A lead plaintiff is a
representative party who acts on behalf of all class members in
directing the litigation. In order to be appointed as a lead
plaintiff, the Court must determine that the class member's claim
is typical of the claims of other class members, and that the class
member will adequately represent the class in the action.
Your ability to share in any recovery is not affected by the
decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in
state and federal courts throughout the country. Kessler
Topaz Meltzer & Check is a driving force behind corporate
governance reform, and has recovered billions of dollars on behalf
of institutional and individual investors from the United States and around the world.
The firm represents investors, consumers and whistleblowers
(private citizens who report fraudulent practices against the
government and share in the recovery of government dollars).
The complaint in this action was not filed by Kessler Topaz Meltzer
& Check. For more information about Kessler Topaz Meltzer
& Check, or for additional information about participating in
this action, please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(888) 299 - 7706
(610) 667 - 7706
info@ktmc.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/shareholder-class-action-filed-against-the-hain-celestial-group-inc--hain-300315478.html
SOURCE Kessler Topaz Meltzer & Check, LLP