Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Annie's, Inc.
WAYNE, Pa., June 23, 2014 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in United States District Court for the Northern District of California against Annie's, Inc. ("Annie's" or the "Company") (NYSE: BNNY) and certain of its officers. The class action is on behalf of all persons or entities who purchased or otherwise acquired Annie's securities between August 8, 2013 and June 3, 2014 (the "Class Period").
Annie's shareholders may, no later than August 11, 2014, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Annie's and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/bnny. You may also email Mr. Maniskas at email@example.com.
On June 2, 2014, Annie's disclosed in its Annual Report for the 2014 fiscal year that the Company had identified a material weakness in its internal controls over financial reporting. Specifically, the Company disclosed that: (1) the historical methodology for estimating certain trade allowances was not designed to include all related trade promotion costs subsequent to period end; and (2) the controls over accounting for contract manufacturing were not designed to precisely evaluate the valuation and accuracy of all contract manufacturing receivables and payables.
According to Annie's, the material weakness resulted in audit adjustments during the fourth quarter ended March 31, 2014 and misstatements to the net sales, costs of goods sold, inventory, accounts receivable, prepaid expenses and other current assets, and accrued liabilities and revisions to the consolidated financial statements for the first three quarters of fiscal 2014, for the quarterly and annual statements for the 2013 fiscal year ended March 31, 2013, and the 2012 fiscal year ended March 31, 2012. On this news, shares of Annie's declined $1.07 per share, over 3%, to close on June 2, 2014, at $31.65 per share.
On June 3, 2014, after the market close, Annie's announced that its independent registered public accounting firm, PricewaterhouseCoopers LLP ("PwC"), was resigning effective the earlier of August 11, 2014 or the completion of the Company's filing with the SEC of the Form 10-Q for the period ending June 30, 2014. On this news, shares of Annie's declined $2.53 per share, nearly 8%, to close on June 4, 2014, at $30.07 per share.
If you are a member of the class, you may, no later than August 11, 2014, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed 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. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
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