Safirstein Metcalf LLP Announces That Class Action Lawsuits Have Been Filed Against The Hain Celestial Group, Inc. - HAIN

NEW YORK, Aug. 18, 2016 (GLOBE NEWSWIRE) -- Safirstein Metcalf LLP announces that class action lawsuits have been filed in the United States District Court, Eastern District of New York against The Hain Celestial Group, Inc. ("Hain" or the "Company") (NASDAQ:HAIN) and certain of its officers. The class actions are on behalf of all persons or entities who purchased or otherwise acquired Hain securities between November 5, 2015 and August 15, 2016 inclusive (the "Class Period").

If you purchased or acquired Hain securities during the Class Period, you may, no later than October 17, 2016, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of all class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

If you would like more information about getting involved in the Hain Securities Class Action, please visit http://www.safirsteinmetcalf.com/hain.html or contact Sheila Feerick at 1-800-221-0015, or email info@SafirsteinMetcalf.com

The Complaints allege 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.

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

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