Faruqi & Faruqi, LLP is Investigating The Hain Celestial Group, Inc. (HAIN) on Behalf of its Shareholders
Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential misconduct at The Hain Celestial Group, Inc. (“Hain” or the “Company”) (HAIN).
The investigation focuses on whether the Company’s Board of Directors and/or its officers committed mismanagement and breached their fiduciary duties. On February 10, 2017, Hain filed a Form NT 10-Q with the Securities and Exchange Commission (the “SEC”) announcing that it is “unable to file, without unreasonable effort or expense, its Quarterly Report on Form 10-Q for the quarter ended December 31, 2016 (the “Form 10-Q”) by February 9, 2017, the original due date for such filing.” Additionally, the Form NT 10-Q stated that, “[a]s previously disclosed in the Company’s Current Report on Form 8-K filed on August 15, 2016, during the fourth quarter of fiscal 2016, the Company identified concessions that were granted to certain distributors in the United States and commenced an internal accounting review in order to determine whether the revenue associated with those concessions was accounted for in the correct period and to evaluate its internal control over financial reporting. The Audit Committee of the Company’s Board of Directors separately conducted an independent review of these matters and retained independent counsel to assist in their review. On November 16, 2016, the Company announced the completion of the independent review conducted by the Audit Committee, which found no evidence of intentional wrongdoing in connection with the Company’s financial statements, and that the Company would not be in a position to release financial results until the completion of its internal accounting review and audit process. Although the initial focus of the Company’s internal accounting review pertained to the evaluation of the timing of the recognition of the revenue associated with the concessions granted to certain distributors, the Company subsequently expanded its review to perform an analysis of previously-issued financial information in order to identify and assess any potential errors, which is ongoing.” Finally, the Company disclosed that the “SEC has issued a formal order of investigation and, pursuant to such order, the SEC issued a subpoena to the Company seeking relevant documents.”
If you currently own Hain stock and would like to discuss your legal rights, please fill out the form below. You can also contact us by calling Nina Varindani toll free at (212) 983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Hain’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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Stuart J. Guber
Faruqi & Faruqi, LLP
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Tel: (212) 983-9330
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