SAN DIEGO, Aug. 15, 2016 /PRNewswire/ -- Shareholder Rights Law Firm Johnson & Weaver, LLP today announced that it is investigating possible violations of federal securities laws by certain officers and directors of The Hain Celestial Group, Inc. (NASDAQ: HAIN) ("Hain" or the "Company"). Hain manufactures, markets, distributes and sells organic and natural products.
The investigation concerns Hain's August 15, 2016 disclosure that it would delay the release of its fourth quarter and fiscal year 2016 financial results. Hain made known that "during the fourth quarter, the Company identified concessions that were granted to certain distributors in the United States. The Company is currently 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. The Audit Committee of the Company's Board of Directors is conducting an independent review of these matters and has retained independent counsel to assist in that review." Hain also announced that it does not expect to achieve its previously announced guidance for fiscal year 2016.
On this news, Hain stock has plummeted as much as 30% during after-hours trading on August 15, 2016.
If you have information that could assist in this investigation, or if you are a Hain shareholder and are interested in learning more about the investigation or your legal rights and remedies, please contact Jim Baker ([email protected]) by email or by phone at 619-814-4471. If emailing, please include a phone number where you can be reached.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
SOURCE Johnson & Weaver, LLP