Hain Celestial has received a letter from the Listing Qualifications Department of
The NASDAQ letter, which was dated February 28, was expected by the company.
In a press release, Hain Celestial, parent company of Hain Pure Protein and shareholder of Empire Kosher Poultry, stated that it fully intends to request a hearing so it can present its plan for regaining compliance.
Hain Celestial, which revealed in February that it was being investigated by the U.S. Securities and Exchange Commission (SEC), stated that it will present to the panel, which will make a decision based on the plan for regaining compliance submitted and the company's presentation, to grant the company an extension of time within which to regain compliance with the rule for a period of up to 360 days from the original due date of the company's first late filing.
Hain Celestial has not released any quarterly results since the third quarter of fiscal year 2016 were made public in May 2016. In August 2016, the company revealed that it would postpone the release of its financial reports for the fourth quarter because it had identified “concessions that were granted to certain distributors in the United States.”
Hain Celestial announced in December 2016 that it had completed an independent review with external counsel, which showed no intentional wrongdoing on behalf of the company.
