NEW YORK (TheStreet) -- Shares of Annie's Inc (BNNY) are down -5.95% to $28.28 on heavy trading volume this afternoon.
Shareholder rights law firm Johnson & Weaver announced it's investigating whether certain officers and directors of Annie's violated state or federal securities laws.
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Yesterday, Annie's disclosed in an SEC filing that its public accounting firm, PricewaterhouseCoopers LLP, was resigning. This news was disclosed by Annie's several days after the company made known that it had identified a material weakness in its internal control over financial reporting.
Several of Annie's key executives and board members have sold most of their personally held stock, valued at millions, above the current market price, according to the law firm, which cites separate filings with the SEC.
TheStreet Ratings team rates ANNIE'S INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate ANNIE'S INC (BNNY) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally disappointing historical performance in the stock itself and premium valuation."
Highlights from the analysis by TheStreet Ratings Team goes as follows: