NEW YORK, Aug. 17, 2016 /PRNewswire/ -- Tripp Levy PLLC, one of the leading law firms representing investors nationwide, is investigating possible securities law violations involving Hain Celestial Group, Inc. (NASDAQ: HAIN) ("Hain" or the "Company"), a leading food, beverage, and personal care products company.
The investigation concerns Hain Celestial's August 15, 2016 announcement that it would postpone the release of its fourth quarter and fiscal year 2016 financial results. The Company also stated that it does not expect to achieve its previously announced guidance for fiscal year 2016.
Specifically, on August 15, 2016 the Company announced it will delay the release of its fourth quarter and fiscal year 2016 financial results. Hain explained it "has recognized revenue pertaining to the sale of its products to certain distributors at the time the products are shipped to such distributors." Further, "[t]he Company is evaluating whether the revenue associated with the concessions granted to certain distributors should instead have been recognized at the time the products sell through its distributors to the end customers."
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."
Following this news, shares of Hain Celestial stock declined over $15.00 per share, or almost 30%, opening at $37.85 on August 16, 2016.
If you purchased shares of HAIN and have suffered a loss from your investment in HAIN common stock and would like to learn more information about this investigation, including your ability to potentially recover your losses, please contact us either by email at [email protected] or by telephone at 800.511.7037 or visit our website at www.tripplevy.com/participate-in-an-action.
Tripp Levy PLLC represents individuals and institutional shareholders in shareholder transactions and has assisted in the recovery of billions of dollars for shareholders in securities actions around the globe.
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SOURCE Tripp Levy PLLC