Glancy Prongay & Murray Announces the Filing of a Securities Class Action on Behalf of The Hain Celestial Group, Inc. Investo...
August 31 2016 - 12:10PM
Business Wire
Glancy Prongay & Murray LLP (“GPM”) 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 5, 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 Lesley Portnoy of GPM to discuss their legal
rights in this class action at 310-201-9150 or by email to
shareholders@glancylaw.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 over 26%, or $14.05 per
share, to close on August 16, 2016 at $39.35 per share.
Note: On August 30, 2016, Hain reported to the SEC that the
Company cannot file its annual report for the fiscal year ended
June 30, 2016 by the August 29, 2016 deadline, as Hain and its
audit committee continue their investigation into concessions
granted to certain distributors. On this news the Company’s shares
fell further, thereby injuring investors.
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 Lesley Portnoy,
Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles
California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by
email to shareholders@glancylaw.com, or visit our website at
http://glancylaw.com. If you inquire by email please include your
mailing address, telephone number and number of shares
purchased.
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/20160831006107/en/
Glancy Prongay & Murray LLP, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224https://www.glancylaw.comshareholders@glancylaw.com
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