Hailing from the same small town as Stratton Oakmont, Hain Celestial announced after the close that they’ll be missing earnings expectations, in addition to dealing with a summer annoyance of an accounting irregularity. On this unfortunate news, shares are indelibly lower, by 24%.
Via WSJ:
Hain, which also said it doesn’t expect to meet its fiscal 2016 guidance, said the accounting issues stem from concessions granted to distributors. It is reviewing whether revenue associated with the concessions was accounted for in the correct period, and is also evaluating its internal control over financial reporting.
The review will delay its filing for the quarter ended June 30.
Hain doesn’t expect any revenue-timing changes to affect the total amount of revenue ultimately recognized. Hain said the issue “does not reflect on the validity of the underlying transactions.”
After the company reported this news, it is widely rumored the CEO ate a GMO-laden salad with ‘conventional’ ribeye with loads of gluten ridden bread–also non-organic.
If you enjoy the content at iBankCoin, please follow us on Twitter
This is the kind of shit that makes owning a portfolio of individual stocks such a horror at times. Thank god, no position.
+1
No one consumes that shit. If one asshole can name one thing they make? Will give a big finger in the air of applause.
That is an inside joke for a brother from another mother. You reader class fools should give Exodus a try.
the irregularities are related to when we booked revs not how much. but we’re also going to miss FY16…. riiight, if you’re going to cook your books at least put some effort into it or take a lesson from the Chinese.