BOSTON, June 4, 2014 /PRNewswire/ -- Shares in Annie's, Inc. ("Annie's" or the "Company") (NYSE: BNNY) have plunged on news that the Company has identified material weaknesses in its internal control over financial reporting and on news that the Company's independent auditor, PricewaterhouseCoopers LLP, is resigning.
On June 2, 2014, Annie's filed a Notification of Late Filing with the Securities Exchange Commission (the "SEC") disclosing that "the Company [has] identified a material weakness in its internal control over financial reporting." The Company further explained that the deficiencies relate "to an insufficient complement of finance and accounting resources, including employee turnover, within the organization resulting in design deficiencies in certain areas in which our controls were not precise enough to detect misstatements that in the aggregate could be material to the consolidated financial statement." The filing noted that Annie's had not completed its assessment of the Company's internal controls and thus was unable to file its Annual Report for its fiscal 2014 year. On this news, the stock price fell from $32.72 per share on Friday, May 30, 2014 to close at $31.65 on Monday, June 2, 2014.
Then, on June 3, 2014, after the market closed, Annie's filed a Form 8-K with the SEC disclosing that the Company's independent accounting firm, PricewaterhouseCoopers LLP, is resigning, effective August 11, 2014. On this news, the Company's share price fell further from its closing price of $31.65 on June 2, 2014 and, as of the time of this release, is currently trading at approximately $29.84 per share. In total, the Company's stock price has dropped approximately $2.88 per share, or approximately 9%, over three consecutive trading sessions.
If you purchased Annie's stock and have questions about your legal rights, or if you have information relevant to this investigation, please contact attorney Steven P. Harte of Block & Leviton LLP at (617) 398-5600 or at Steven@blockesq.com. Confidentiality to any whistleblowers or other persons with information relevant to the investigation is assured.
Block & Leviton is a Boston-based law firm representing investors for violations of securities laws. The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 70 years.
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Contact: BLOCK & LEVITON LLP Steven P. Harte, Esq. (617) 398-5600 Steven@blockesq.com
SOURCE Block & Leviton LLP