The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a federal class action lawsuit has been filed against The Hain Celestial Group, Inc. ("Hain" or "Company") (NASDAQ: HAIN) and several officers and directors for acts taken during the period of November 5, 2015 to August 15, 2016 (the "Class Period"). Based upon the allegations in the class action, the firms are investigating additional legal claims against the officers and Board of Directors of Hain. If you are an affected Hain shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at email@example.com, Patrick Powers at Powers Taylor LLP via email at firstname.lastname@example.org, or call toll free at (877) 728-9607. There is no cost or fee to you. In the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that defendants misrepresented and/or failed to disclose during the Class Period that Hain did not have sufficient controls over financial reporting and had failed to properly account for its revenue in connection with some of its US distributors. Consequently, Hain's public statements were materially false and misleading at all relevant times. On August 15, 2016, Hain announced it would be delaying its fourth quarter and fiscal year 2016 financial results, "[d]uring the fourth quarter, the Company identified concessions that were granted to certain distributors in the United States. The Company is currently 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. The Audit Committee of the Company's Board of Directors is conducting an independent review of these matters and has retained independent counsel to assist in that review." Hain also said that it does not anticipate reaching its previously announced guidance for fiscal year 2016. When this news was revealed to the market, the Company's stock dropped significantly.