Hain Celestial Group faces SEC probe

by Keith Nunes
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The company has not issues earnings reports since May 2016.

LAKE SUCCESS, N.Y. — The Securities and Exchange Commission (SEC) is investigating the Hain Celestial Group Inc., the company said in a Feb. 10 filing with the agency. The investigation relates to concessions that were granted to certain distributors in the United States.

The Hain Celestial Group said it contacted the SEC this past August to advise the agency of the company’s delay to file financial reports while the board of directors conducted an internal investigation of the issue. This past November, the company said the audit committee of the board found no intentional wrongdoing related to the accounting issue.

“The company has continued to provide information to the SEC on an ongoing basis, including, among other things, the results of the independent review conducted by the audit committee …,” the company said in the Feb. 10 filing. “The SEC has issued a formal order of investigation and, pursuant to such order, the SEC issued a subpoena to the company seeking relevant documents. The company is in the process of responding to the SEC’s requests for information and intends to cooperate fully with the SEC”

The Hain Celestial Group has not issued earnings since May 2016 when it released its third-quarter results.

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