NEW YORK, NY--(Marketwired - Jun 12, 2014) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Annie's, Inc. ("Annie's" or the "Company") (
A complaint has been filed in the Northern District of California on behalf of all persons who purchased Annie's securities between August 8, 2013 and June 3, 2014 (the "Class Period").
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
On June 2, 2014, Annie's disclosed that the Company had identified a material weakness in its internal control over financial reporting that was not effective as of March 31, 2014. According to the Company, the material weakness related to "an insufficient complement of finance and accounting resources...resulting in design deficiencies in certain areas in which our controls were not precise enough to detect misstatements that in the aggregate could be material to the consolidated financial statements."
The Complaint alleges that defendants misrepresented and/or failed to disclose material adverse facts about the Company's operations and financial performance, including that: (i) the Company's historical methodology for estimating certain trade allowances did not include all related trade promotion costs; (ii) the Company's controls over accounting for contract manufacturing did not sufficiently evaluate the valuation and accuracy of all contract manufacturing receivables and payables; (iii) the Company had a material weakness in its ability to detect misstatements as a result of its insufficient controls; and (iv) as a result of its inadequate internal and financial controls, the Company's financial statements were materially false and misleading at all relevant times.
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Take Action
If you invested in Annie's stock or options between August 8, 2013 and June 3, 2014 and would like to discuss your legal rights, visit www.faruqilaw.com/BNNY . You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com . Faruqi & Faruqi, LLP also encourages anyone with information regarding Annie's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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