|By Marketwired .||
|June 12, 2014 08:04 PM EDT||
NEW YORK, NY -- (Marketwired) -- 06/12/14 -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Annie's, Inc. ("Annie's" or the "Company") (NYSE: BNNY) of the August 11, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Annie's and certain executives.
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.
Request more information now by clicking here: www.faruqilaw.com/BNNY. There is no cost or obligation to you.
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 [email protected]. Faruqi & Faruqi, LLP also encourages anyone with information regarding Annie's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw.
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FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292