By virtue of an extension from
Nasdaq, Hain Celestial Group Inc (NASDAQ: HAIN) may go nine months without filing an earnings report. In fact, the company
still needs to file its last year’s annual report, which should have been filed by August 29.
The Beginning
In mid-August, the Lake Success, New York-based Hain Celestial delayed the release of its fourth-quarter and full-year financial
results and said it did not expect to achieve its previously announced guidance for fiscal 2016 after identifying issues with
distributor
payments and revenue recognition practices.
What's Happened Since
Following is a timeline of Hain
Celestial's filing issues:
August 31: Hain Celestial received a letter from Nasdaq regarding its inability
to timely file its Annual Report for the fiscal year ended June 30, 2016 with the SEC by August 29, 2016.
October
31:
Hain submits plan to Nasdaq to regain compliance with Rule
5250(c)(1), which requires timely filing of periodic financial reports with the SEC.
November 3: The organic
products maker reported that on November 2, Nasdaq staff sent a notice, granting an extension through February 27, 2017, to file
its periodic reports with the SEC.
November 7 : Hain Celestial company spokesperson tells Benzinga when it has an
estimate for when periodic reporting will resume it will issue a press release.
At the time of writing, shares of Hain Celestial were up 1.44 percent to $35.94. The stock is 37 percent off its 52-week high of
$56.99.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.