The Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of The Hain Celestial Group, I...
August 24 2016 - 10:30AM
Business Wire
Law Offices of Howard G. Smith announces that a class
action lawsuit has been filed on behalf of investors who purchased
The Hain Celestial Group, Inc. (“Hain” or the “Company”) (NASDAQ:
HAIN) securities between November 9, 2015 and August 15,
2016, inclusive (the “Class Period”). Hain investors have
until October 17, 2016 to file a lead plaintiff
motion.
Investors suffering losses on their Hain investments are
encouraged to contact the Law Offices of Howard G. Smith to discuss
their legal rights in this class action at 888-638-4847 or by email
to howardsmith@howardsmithlaw.com.
According to the lawsuit, defendants throughout the Class Period
made false and/or misleading statements and/or failed to disclose
that (1) Hain lacked effective internal control over financial
reporting; (2) Hain failed to properly account for revenue
associated with concessions that were granted to certain
distributors in the United States; and (3) as a result, defendants’
statements about Hain’s business, operations, and prospects, were
false and misleading and/or lacked a reasonable basis. When the
true details entered the market, the lawsuit claims that investors
suffered damages.
On August 15, 2016, Hain announced that it would delay the
release of its fourth quarter and fiscal year 2016 financial
results because the Company was evaluating whether the revenue
associated with concessions granted to certain distributors in the
U.S. was accounted for in the correct period. Hain also stated that
it was evaluating its internal control over financial reporting. On
this news, the Company’s stock price fell approximately 25% during
after-hours trading on August 15, 2016.
If you purchased shares of Hain during the Class Period you may
move the Court no later than October 17, 2016 to
ask the Court to appoint you as lead plaintiff if you meet certain
legal requirements. To be a member of the Class you need not take
any action at this time; you may retain counsel of your choice or
take no action and remain an absent member of the Class. If you
wish to learn more about this action, or if you have any
questions concerning this announcement or your rights or interests
with respect to these matters, please contact Howard G. Smith,
Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike,
Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215)
638-4847, toll-free at (888) 638-4847, or by email
to howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20160824005141/en/
Law Offices of Howard G. SmithHoward G. Smith,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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