SHAREHOLDER REMINDER: Kessler Topaz Meltzer & Check, LLP Announces Deadline in Class Action Lawsuit Filed Against The Hain Ce...
September 15 2016 - 10:05AM
Business Wire
The law firm of Kessler Topaz Meltzer & Check, LLP reminds
The Hain Celestial Group, Inc. (NASDAQ:HAIN) (“Hain” or the
“Company”) shareholders that a class action lawsuit has been filed
on behalf of purchasers of the Company’s securities between
November 5, 2015 and August 16, 2016, inclusive (the “Class
Period”).
REMINDER: Hain
shareholders who purchased their securities during the Class Period
may, no later than October 17, 2016, petition the Court to be
appointed as a lead plaintiff representative of the class.
For additional information please visit
https://www.ktmc.com/new-cases/hain-celestial-group-inc#join.
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,
petition the Court 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. For additional information please visit
https://www.ktmc.com/new-cases/hain-celestial-group-inc#join.
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160915005011/en/
Kessler Topaz Meltzer & Check, LLPDarren J. Check, Esq.D.
Seamus Kaskela, Esq.Adrienne O. Bell, Esq.280 King of Prussia
RoadRadnor, PA 19087888-299-7706610-667-7706info@ktmc.com
Hain Celestial (NASDAQ:HAIN)
Historical Stock Chart
From Aug 2024 to Sep 2024
Hain Celestial (NASDAQ:HAIN)
Historical Stock Chart
From Sep 2023 to Sep 2024