Hain Celestial In Hot Water With NASDAQ Over Unfiled Report

Organic and natural foods company Hain Celestial Group announced that its audit committee had found no evidence of intentional wrongdoing in connection with its financial statements, especially regarding the finding that certain “concessions” had been granted to some distributors. The company has delayed releasing financial statements until the audit is completed. The delay spurred NASDAQ to send a letter to Hain Celestial notifying it that as of November 11 the company was not in compliance with listing rules requiring timely submission of the quarterly Form 10-Q report. Hain was granted an extension until February 2017. Meanwhile, the company will put in place a plan to make internal controls and organization stronger.