NEW YORK, Aug. 17, 2016 /PRNewswire/ -- Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against The Hain Celestial Group, Inc. ("Hain" or the "Company") (NASDAQ: HAIN) and certain of its officers. The class action is on behalf of a class consisting of all persons or entities who purchased Concordia securities between November 5, 2015 through August 15, 2016, inclusive (the "Class Period").
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
The Hain Celestial Group is an American food company that manufactures and distributes natural foods and personal care products to the United States, the United Kingdom, Canada, and Europe.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, and failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (1) Hain did not have sufficient controls over financial reporting; (2) therefore, Hain failed to properly account for its revenue in connection with some of its US distributors; and (3) consequently, Hain's public statements were materially false and misleading at all relevant times.
On August 15, 2016, post-market Hain said it would be delaying its fourth quarter and fiscal year 2016 financial results, "[d]uring 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 said that it does not anticipate reaching its previously announced guidance for fiscal year 2016.
Following this news, Hain stock dropped $14.05 per shares, or 26.31%, to close at $39.35 on August 16, 2016.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/hain or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email firstname.lastname@example.org. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Hain you have until October 17, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | email@example.com
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