Hain Celestial Group remains in limbo

by Keith Nunes
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Hain Celestial products
Hain Celestial has been granted an extension through Feb. 27, 2017 to file its financial reports.

LAKE SUCCESS, N.Y. — An audit committee of the Hain Celestial Group’s board of directors found no intentional wrongdoing in the accounting issue that led the company to delay the filing of its fourth quarter and fiscal 2016 financial results for the period ended Sept. 30, the company said Nov. 16. The accounting issue relates to concessions that were granted to certain distributors in the United States. Despite the positive finding, the company is still not in a position to release its financial results until the completion of its internal accounting review and the audit process.

Irwin Simon, Hain Celestial
Irwin D. Simon, president and c.e.o. of Hain Celestial

“Hain Celestial is committed to transparency of our financial reporting, and we are taking concrete measures to remediate as well as strengthen our internal controls,” said Irwin D. Simon, president and chief executive officer. “We are extremely pleased that the company can now move forward with its reporting process as we put these challenges behind us. Our business is uniquely aligned with consumer habits and lifestyles, and we are excited about the fiscal year 2017 launch of our five new core platforms for growth.”

The company also received a notification letter from the listing and qualification staff of the Nasdaq Stock Market L.L.C., informing management it is not in compliance with the exchange’s rules. The company said it has been granted an extension through Feb. 27, 2017, to file its financial reports.

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