WAYNE, Pa., June 6, 2014 /PRNewswire/ -- Ryan & Maniskas, LLP has commenced an investigation into potential securities law violations by certain officers of Annie's, Inc. ("Annie's" or the "Company") (NYSE: BNNY).
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 own Annie's shares 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: (877) 316-3218 or visit: www.rmclasslaw.com/cases/bnny. You may also email Mr. Maniskas at firstname.lastname@example.org. For more information about class action cases in general, please visit our website: www.rmclasslaw.com.
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.
SOURCE Ryan & Maniskas, LLP