Hain Celestial audit shows no intentional wrongdoing
Company has started to implement a remediation plan to strengthen internal controls
The Hain Celestial Group, parent company of Hain Pure Protein and Empire Kosher, has concluded its independent review with external counsel into concessions with respect to certain distributors in the United States.
Hain Celestial had previously announced on August 15, that during the fourth quarter of fiscal year 2016 it had identified concessions that were granted to certain distributors in the United States and that the audit committee had retained independent counsel to assist in its independent review of such matter. The review, which was extensive, found no evidence of intentional wrongdoing in connection with the company's financial statements, Hain Celestial announced in a press release.
Hain Celestial has begun to implement a remediation plan to strengthen its internal controls and organization.
"The audit committee is pleased to conclude our thorough review with independent counsel," said Andrew R. Heyer, chairman of the audit committee of Hain Celestial. "The board of directors believes this is an important step toward releasing the company's financial results."
Hain Celestial CEO Irwin Simon said the company is committed to transparency of its financial reporting, and is taking concrete measures to remediate as well as strengthen its internal controls.
Hain Celestial will not be in a position to release financial results until the completion of the company's internal accounting review and the audit process. The company, in a press release, stated it is working diligently on this matter and will, as soon as reasonably practicable, make a further announcement regarding the timing of the release of its financial results.