LAKE SUCCESS, N.Y.,
Sept. 1, 2016 /PRNewswire/ -- The
Hain Celestial Group, Inc. (NASDAQ: HAIN), a leading organic
and natural products company with operations in North America, Europe and India providing consumers with A Healthier Way
of Life™, announced today that, as expected, it received a
notification letter dated August 31,
2016 from the Nasdaq Stock Market, Inc. ("Nasdaq") stating
that the Company no longer complies with Nasdaq Listing Rule
5250(c)(1), which requires timely filing of reports with the
Securities and Exchange Commission (the "SEC"). Nasdaq sent
the notice as a result of the Company's inability to file its
Annual Report on Form 10-K for the fiscal year ended June 30, 2016
(the "Form 10-K") by August 29, 2016.
This notification has no immediate effect on the listing of Hain
Celestial's common stock on Nasdaq. Under the Nasdaq rules,
the Company has 60 calendar days to submit a plan to regain
compliance. If the plan is accepted, the Company could be
granted up to 180 days from the Form 10-K's original due date to
regain compliance. The Company expects to submit a plan to
regain compliance within the timeline prescribed by
Nasdaq.
As previously disclosed on August 15,
2016, the Company will not be in a position to file its Form
10-K until the completion of the independent review of the Audit
Committee and the audit process relating to the 2016 fiscal year.
The Company is working diligently on this matter and will, as
soon as practicable, make a further announcement regarding the
updated timing of the release and conference call on its financial
results.
Safe Harbor Statement
Certain statements contained in this press release constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are predictions based on expectations and projections
about future events, and are not statements of historical fact. You
can identify forward-looking statements by the use of
forward-looking terminology such as "plan", "continue", "expect",
"anticipate", "intend", "predict", "project", "estimate", "likely",
"believe", "might", "seek", "may", "remain", "potential", "can",
"should", "could", "future" and similar expressions, or the
negative of those expressions. These forward-looking statements
include the Company's beliefs or expectations relating to the
Company's expectations relating to the filing of the Form 10-K, its
ability to regain compliance under the Nasdaq Listing Rules, the
expected timing of its earnings release and conference call and the
results of the ongoing review. Such forward-looking statements
involve known and unknown risks, uncertainties, and other factors
which may cause the actual results to be materially different from
any future results expressed or implied by such forward-looking
statements. Such factors include a material delay in the Company's
financial reporting, the possibility that one or more material
weaknesses in the Company's internal control over financial
reporting may be identified in connection with the ongoing review,
the possibility that the ongoing review may identify errors, which
may be material, in the Company's revenue recognition accounting,
whether investors should no longer rely upon previously issued
financial statements, and the risk that the Company may need to
restate its financial statements. As a result of the foregoing and
other factors, no assurance can be given as to the future results,
levels of activity and achievements of the Company, and neither the
Company nor any person assumes responsibility for the accuracy and
completeness of these statements.
The Hain Celestial Group, Inc.
The Hain Celestial Group (NASDAQ: HAIN), headquartered in
Lake Success, NY, is a leading
organic and natural products company with operations in
North America, Europe and India. Hain Celestial
participates in many natural categories with well-known brands that
include Celestial Seasonings®, Earth's Best®, Ella's Kitchen®,
Terra®, Garden of Eatin'®, Sensible Portions®, Health Valley®,
Arrowhead Mills®, MaraNatha®, SunSpire®, DeBoles®, Casbah®, Rudi's
Organic Bakery®, , Hain Pure Foods®, Spectrum®, Spectrum
Essentials®, , Imagine®, Almond Dream®, Rice Dream®, Soy Dream®,
WestSoy®, The Greek Gods®, BluePrint®, FreeBird®, Plainville
Farms®, Empire®, Kosher Valley®, Yves Veggie Cuisine®, Europe's Best®, Cully & Sully®, New Covent
Garden Soup Co.®, Johnson's Juice Co.®, Farmhouse Fare®,
Hartley's®, Sun-Pat®, Gale's®, Robertson's®, Frank Cooper's®, Linda McCartney®, Lima®,
Danival®, Joya®, Natumi®, GG UniqueFiber®, Tilda®, JASON®, Avalon
Organics®, Alba Botanica®, Live Clean® and Queen Helene®.
Hain Celestial has been providing A Healthier Way of Life™ since
1993. For more information, visit www.hain.com.
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SOURCE The Hain Celestial Group, Inc.