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The Hain Celestial Group, Inc.

Case Summary

The Hain Celestial Group, Inc. Securities Litigation

Case Summary

Case Status:    ONGOING    
On or around 05/16/2018 (Ongoing date of last review)

Filing Date: August 17, 2016

According to the law firm press release, Hain manufactures, markets, distributes, and sells organic and natural products in the United States, the United Kingdom, Canada, and Europe. The Company sells its products through specialty and natural food distributors, supermarkets, natural food stores, mass-market and e-commerce retailers, food service channels and club, and drug and convenience stores in approximately 70 countries worldwide.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company lacked adequate controls over financial reporting; (ii) consequently, the Company failed to correctly account for revenue associated with concessions granted to certain distributors in the United States; and (iii) as a result of the foregoing, Hain’s public statements were materially false and misleading at all relevant times.

On August 15, 2016, after the market closed, Hain announced that it would delay the release of its fourth quarter and fiscal year 2016 financial results. Additionally, Hain announced that it did not expect to achieve its previously announced guidance for fiscal year 2016.

On this news, Hain’s share price fell $14.05, or 26.31%, to close at $39.35 on August 16, 2016.

On June 5, 2017, the Court appointed Lead Plaintiffs and Counsel. An amended complaint was filed on September 7, 2017.

Company & Securities Information

Defendant: The Hain Celestial Group, Inc.

COMPANY INFORMATION:

Sector: Consumer Non-Cyclical
Industry: Food Processing
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: HAIN
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.

First Identified Complaint

Bradley D. Flora, et al. v. The Hain Celestial Group, Inc., et al.

COURT: E.D. New York
DOCKET #: 16-CV-04581
JUDGE: Hon. Leonard D. Wexler
DATE FILED: 08/17/2016
CLASS PERIOD START: 11/05/2015
CLASS PERIOD END: 08/15/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bronstein, Gewirtz & Grossman, LLC (New York)
    60 East 42nd Street - Suite 4600, Bronstein, Gewirtz & Grossman, LLC (New York), NY 10165
    212.697.6484 212.697.7296 · info@bgandg.com
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
First Identified Complaint (FIC) Filings:
No Document Title Filing Date
1 Complaint for Violation of the Federal Securities Laws 08/17/2016
2 U.S. District Court Civil Docket 08/18/2016
3 Order for Consolidation, Appointment of Co-Lead Plaintiff, and Approval of Selection of Co-Lead Counsel 06/05/2017
4 Notice of Voluntary Dismissal 06/21/2017

Reference Complaint

In Re The Hain Celestial Group Inc. Securities Litigation

COURT: E.D. New York
DOCKET #: 16-CV-04581
JUDGE: Hon. Leonard D. Wexler
DATE FILED: 09/07/2017
CLASS PERIOD START: 11/05/2013
CLASS PERIOD END: 02/10/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Prongay & Murray LLP (New York)
    122 East 42nd Street, Suite 2920 , Glancy Prongay & Murray LLP (New York), NY 10168
    (212) 682-5340 (212) 884-0988 ·
  2. Labaton Sucharow LLP
    140 Broadway, Labaton Sucharow LLP, NY 10005
    212.907.0700 212.818.0477 · info@labaton.com
Reference Complaint (REF) Filings:
No Document Title Filing Date
1 Consolidated Class Action Complaint for Violations of Federal Securities Laws 08/04/2017
2 [Corrected] Consolidated Class Action Complaint for Violations of Federal Securities Laws 09/07/2017
3 U.S. District Court Civil Docket 05/16/2018
 
 

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