NEW YORK, Aug. 26, 2016 /PRNewswire/ -- Pomerantz LLP
announces 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,
filed in United States District Court, Eastern District of
New York, and docketed under
16-cv-04581, is on behalf of a class consisting of all persons or
entities who purchased or otherwise acquired Hain securities
between November 5, 2015 and
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").
If you are a shareholder who purchased Hain securities during
the Class Period, you have until October 17,
2016 to ask the Court to appoint you as Lead Plaintiff for
the class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact
Robert S. Willoughby at
rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll
free, ext. 9980. Those who inquire by e-mail are encouraged to
include their mailing address, telephone number, and number of
shares purchased.
[Click here to join this class action]
Hain manufactures, markets, distributes, and sells organic and
natural products in the United
States, the United Kingdom,
Canada, and Europe. The
Company sells its products through specialty and natural food
distributors, supermarkets, natural food stores, mass-market and
e-commerce retailers, food service channels and club, and drug and
convenience stores in approximately 70 countries worldwide.
The Complaint alleges that throughout the Class Period,
Defendants made materially false and/or misleading statements, as
well as 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: (i) the Company lacked adequate controls over
financial reporting; (ii) consequently, the Company failed to
correctly account for revenue associated with concessions granted
to certain distributors in the United
States; and (iii) as a result of the foregoing, Hain's
public statements were materially false and misleading at all
relevant times.
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.
Additionally, Hain announced that it did not expect to achieve its
previously announced guidance for fiscal year 2016.
On this news, Hain's share price fell $14.05, or 26.31%, to close at $39.35 on August 16,
2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los
Angeles, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the
Pomerantz Firm pioneered the field of securities class actions.
Today, more than 80 years later, the Pomerantz Firm continues in
the tradition he established, fighting for the rights of the
victims of securities fraud, breaches of fiduciary duty, and
corporate misconduct. The Firm has recovered numerous
multimillion-dollar damages awards on behalf of class members. See
www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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SOURCE Pomerantz LLP