The Hain Celestial Group, Inc. Shareholder Alert: Former SEC Attorney Willie Briscoe & Powers Taylor Investigate Possible Bre...
August 23 2016 - 11:06AM
Business Wire
Former United States Securities and Exchange Commission attorney
Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the
securities litigation firm of Powers Taylor LLP announce that a
federal class action lawsuit has been filed against The Hain
Celestial Group, Inc. (“Hain” or “Company”) (NASDAQ: HAIN) and
several officers and directors for acts taken during the period of
November 5, 2015 to August 15, 2016 (the “Class Period”).
Based upon the allegations in the class action, the firms are
investigating additional legal claims against the officers and
Board of Directors of Hain. If you are an affected Hain shareholder
and want to learn more about the lawsuit or join the action,
contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at
shareholders@thebriscoelawfirm.com, Patrick Powers at Powers Taylor
LLP via email at shareholder@powerstaylor.com, or call toll free at
(877) 728-9607. There is no cost or fee to you.
In the complaint, the defendants are alleged to have violated
certain provisions of the Securities Exchange Act of 1934.
Specifically, the complaint alleges, among other things, that
defendants misrepresented and/or failed to disclose during the
Class Period that Hain did not have sufficient controls over
financial reporting and had failed to properly account for its
revenue in connection with some of its US distributors.
Consequently, Hain’s public statements were materially false and
misleading at all relevant times.
On August 15, 2016, Hain announced 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. When this news was revealed to the market,
the Company’s stock dropped significantly.
The Briscoe Law Firm, PLLC is a full service business
litigation, commercial transaction, and public advocacy firm with
more than 20 years of experience in complex litigation and
transactional matters.
Powers Taylor LLP is a boutique litigation law firm that handles
a variety of complex business litigation matters, including claims
of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
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version on businesswire.com: http://www.businesswire.com/news/home/20160823006025/en/
The Briscoe Law Firm, PLLCWillie Briscoe,
877-728-9607shareholders@thebriscoelawfirm.comorPowers Taylor
LLPPatrick Powers, 877-728-9607shareholder@powerstaylor.com
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