NEW YORK (TheStreet) -- Shares of Hain Celestial (HAIN - Get Report) were tumbling 23.24% to $40.99 in after-hours trading on Monday after the company said it will delay the release of its 2016 fiscal fourth quarter and full-year results.
The report was scheduled to be released before Tuesday's market open.
The New Hyde Park, NY-based organic foods company said that it had previously identified concessions that were granted to certain U.S. distributors in the fourth quarter.
Hain is currently evaluating whether the revenue associated with those concessions was properly accounted for in the correct period. The company is also evaluating its internal control over financial reporting.
The board's audit committee is conducting an independent review and has retained external counsel to assist.
Hain did not give a new date for the financial release.
More than 2.72 million shares of the company's shares traded on Monday, higher than the 30-day daily average of 1.45 million shares.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet ratings rated this stock as a "buy" with a ratings score of B.
The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, revenue growth, largely solid financial position with reasonable debt levels by most measures, good cash flow from operations and notable return on equity. We feel its strengths outweigh the fact that the company shows low profit margins.
You can view the full analysis from the report here: HAIN