Hain investors may receive additional information about the case by clicking the link "Join this Class Action" above.
The shareholder class action complaint alleges that Hain and certain of its executive officers made a series of false and misleading statements and/or failed to disclose material adverse information to investors during the Class Period, including the following: (1) that the Company lacked adequate controls over financial reporting; (2) that the Company failed to correctly account for revenue associated with concessions granted to certain distributors in the United States; and (3) as a result of the foregoing, Hain’s public statements were materially false and misleading at all relevant times.
On August 15, 2016, Hain 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 are a member of the class described above, you may no later than October 17, 2016, move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at info@ktmc.com