WAYNE, Pa., Aug. 18, 2016 /PRNewswire/ -- Ryan &
Maniskas, LLP announces that a class action lawsuit has been filed
in United States District Court for the Eastern District of
New York on behalf of purchasers
of The Hain Celestial Group, Inc. ("Hain" or the "Company")
(NASDAQ: HAIN) between November 5,
2015 and August 15, 2016,
inclusive (the "Class Period").
Hain shareholders may, no later than October 17, 2016, move the Court for appointment
as a lead plaintiff of the Class. If you purchased shares of
Hain and would like to learn more about these claims or if you wish
to discuss these matters and have any questions concerning this
announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877)
316-3218 or to sign up online, visit:
www.rmclasslaw.com/cases/hain.
The Complaint alleges that throughout the Class Period,
defendants made materially false and misleading statements, and
omitted materially adverse facts, about the Company's business,
operations and prospects. Specifically, the Complaint alleges
that the defendants concealed from the investing public that: (1)
the Company lacked adequate controls over financial reporting; (2)
consequently, 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. As a result of
defendants' alleged false and misleading statements, the Company's
stock traded at artificially inflated prices during the Class
Period.
According to the Complaint, on August 15,
2016, after the market closed, Hain announced that it would
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.
On this news, shares of Hain dropped over 26%, closing at
$39.35 per share on August 16, 2016, on heavy trading volume.
If you are a member of the class, you may, no later than
October 17, 2016, request that the
Court appoint you as lead plaintiff of the class. A lead
plaintiff is a representative party that acts on behalf of other
class members in directing the litigation. In order to be
appointed 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.
Under certain circumstances, one or more class members may
together serve as "lead plaintiff." Your ability to share in
any recovery is not, however, affected by the decision whether or
not to serve as a lead plaintiff. You may retain Ryan &
Maniskas, LLP or other counsel of your choice, to serve as your
counsel in this action.
For more information regarding this, please contact Ryan &
Maniskas, LLP (Richard A. Maniskas,
Esquire) toll-free at (877) 316-3218 or by email at
rmaniskas@rmclasslaw.com or visit: www.rmclasslaw.com/cases/hain.
For more information about class action cases in general or
to learn more about Ryan & Maniskas, LLP, please visit our
website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation
firm. Ryan & Maniskas, LLP is devoted to protecting the
interests of individual and institutional investors in shareholder
actions in state and federal courts nationwide.
CONTACT: Ryan & Maniskas, LLP
Richard A. Maniskas, Esquire
995 Old
Eagle School Rd., Suite 311
Wayne, PA
19087
484-588-5516
877-316-3218
www.rmclasslaw.com/cases/hain
rmaniskas@rmclasslaw.com
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SOURCE Ryan & Maniskas, LLP