NEW YORK, Aug. 22, 2016 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against The Hain Celestial Group, Inc. (“Hain Celestial” or the “Company”) (Nasdaq:HAIN) in the United States District Court for the Eastern District of New York on behalf of purchasers of common stock of Hain Celestial between November 5, 2015 and August 16, 2016, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”).
According to the Complaint, on August 15, 2016, Hain Celestial announced that it was delaying the release of its Fourth Quarter and Fiscal 2016 financial results, and that it expected to experience a delay in the filing of its Annual Report, after identifying “concessions that were granted to certain distributors in the United States.” The Company further announced that it was “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.” Additionally, the Company disclosed that it did not expect to achieve its previously announced guidance for Fiscal 2016.
Following this news, shares of the Company’s stock declined $14.05 per share, or over 26%, to close on August 16, 2016 at $39.35 per share, on unusually heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than October 17, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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