Deadline Alert: Law Offices of Howard G. Smith Reminds Investors of the Upcoming October 17th Deadline in the Class Action La...
October 13 2016 - 03:55PM
Business Wire
Law Offices of Howard G. Smith reminds investors of the
upcoming October 17, 2016 deadline to file a lead
plaintiff motion in the class action lawsuit filed on behalf of
investors who purchased or otherwise acquired The Hain Celestial
Group, Inc. (“Hain” or the “Company”) (NASDAQ: HAIN) securities
between November 5, 2015 and August 16, 2016, inclusive (the
“Class Period”). Hain investors have until October 17,
2016 to file a lead plaintiff motion.
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 Hain shares, you may move the Court no later
than October 17, 2016 to request appointment as
lead plaintiff. 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/20161013006538/en/
Law Offices of Howard G. SmithHoward G. Smith,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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