NEW YORK, N.Y. – Shares of Hain Celestial plummeted Monday after the organic and natural foods maker said it’s delaying the release of its fourth-quarter results while it evaluates its internal control over its financial reporting.
The company, which makes Celestial Seasonings teas and other products, also said it does not expect to achieve its previously announced guidance for the fiscal year that ended June 30.
Its shares fell 24 per cent to $40.85 in after-hours trading.
The Lake Success, New York-based company says it’s evaluating whether revenue associated with certain distributor concessions were accounted for in the correct period. It said any changes in the timing shouldn’t affect the total revenue it ultimately recognizes in connection with those distributors.
Hain Celestial Group Inc. said its board’s audit committee is also conducting an independent review.