NEW YORK, June 13, 2014 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a class action lawsuit has been filed in United States District Court for the Northern District of California against Annie's, Inc. ("Annie's" or the "Company") (Nasdaq: BNNY ) and certain of its officers. The class action is on behalf of all persons or entities who purchased or otherwise acquired Annie's securities between August 8, 2013 and June 3, 2014 (the "Class Period").
The class action alleges that Annie's and certain of its officers and/or directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
If you purchased Annie's securities during the Class Period, you may, no later than August 11, 2014 request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you have purchased shares of Annie's and want more information about the Annie's investigation please contact George Pressly, Esq. at 1(800) 631-6234 or email George at AskGeorge@morgansecuritieslaw.com
On June 2, 2014, Annie's disclosed in its Annual Report for the 2014 fiscal year that the Company had identified a material weakness in its internal controls over financial reporting. Specifically, the Company disclosed that: (1) the historical methodology for estimating certain trade allowances was not designed to include all related trade promotion costs subsequent to period end; and (2) the controls over accounting for contract manufacturing were not designed to precisely evaluate the valuation and accuracy of all contract manufacturing receivables and payables.
According to Annie's, the material weakness resulted in audit adjustments during the fourth quarter ended March 31, 2014 and misstatements to the net sales, costs of goods sold, inventory, accounts receivable, prepaid expenses and other current assets, and accrued liabilities and revisions to the consolidated financial statements for the first three quarters of fiscal 2014, for the quarterly and annual statements for the 2013 fiscal year ended March 31, 2013, and the2012 fiscal year ended March 31, 2012. On this news, shares of Annie's declined $1.07 per share, over 3%, to close on June 2, 2014, at $31.65 per share.
On June 3, 2014, after the market close, Annie's announced that its independent registered public accounting firm, PricewaterhouseCoopers LLP ("PwC"), was resigning effective the earlier of August 11, 2014 or the completion of the Company's filing with the SEC of the Form 10-Q for the period ending June 30, 2014. On this news, shares of Annie's declined $2.53 per share, nearly 8%, to close on June 4, 2014, at $30.07 per share.
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