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Hain-Celestial-Nasdaq
Argus456, Bigstock
on September 6, 2016

Hain Celestial gets Nasdaq non-compliance notification

Failure to file annual report for fiscal year 2016 resulted in receipt of notification

Hain Celestial, parent company of organic poultry processor Hain Pure Protein, has received a notification letter from the Nasdaq Stock Market Inc., stating it no longer complies with the Nasdaq Listing Rule 5250, which requires timely filing of reports with the Securities and Exchange Commission.

The company, in a press release, said it expected to receive the notification, after it failed to file its annual report on form 10-K for the fiscal year ended June 30, 2016.

The company on August 16 announced that it was postponing the release of the reports, both for the fiscal year as a whole and for the fourth quarter, as it had identified concessions that were granted to certain distributors in the United States.

Hain Celestial, at the time, stated that it was evaluating whether the revenue associated with those concessions was accounted for in the correct period, and that it was evaluating its control over financial reporting. The audit committee of the company’s board of directors and an independent counselor have been conducting a review of those matters.

The company stated that it will not be in a position to release those financial results until the independent review and the audit process relating to the 2016 fiscal year were resolved.

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