NEW YORK, Aug. 15, 2016 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of The Hain Celestial Group, Inc. ("Hain" or the "Company") (NASDAQ: HAIN). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Hain and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On August 15, 2016, post-market, Hain announced that it would delay the release of its fourth quarter and fiscal year 2016 financial results. Hain announced that "[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." Additionally, Hain announced that it does not expect to achieve its previously announced guidance for fiscal year 2016.
On this news, Hain stock has fallen as much as $15.90, or nearly 29%, to $39.45 during after-hours trading on August 15, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
SOURCE Pomerantz LLP