SUBSCRIBE TO TMCnet
TMCnet - World's Largest Communications and Technology Community

TMCNet:  ANNIE'S INVESTIGATION INITIATED BY FORMER LOUISIANA ATTORNEY GENERAL: Kahn Swick & Foti, LLC Investigates Annie's, Inc. Following Disclosure of Resignation of Accounting Firm and Insider Sales

[June 04, 2014]

ANNIE'S INVESTIGATION INITIATED BY FORMER LOUISIANA ATTORNEY GENERAL: Kahn Swick & Foti, LLC Investigates Annie's, Inc. Following Disclosure of Resignation of Accounting Firm and Insider Sales

NEW ORLEANS --(Business Wire)--

Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC ("KSF"), announces that KSF has commenced an investigation into Annie's, Inc. (NYSE: BNNY).

On June 2, 2014, Annie's disclosed that it has "identified a material weakness in its internal control over financial reporting" related "to an insufficient complement of finance and accounting resources, including employee turnover, within the organization 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 statement." Annie's further disclosed that it had not completed its assessment of the Company's internal controls and therefore was unable to file its Annual Report for its fiscal 2014 year. Then, on June 3, 2014, Annie's disclosed that its independent accounting firm, PricewaterhouseCopers LLP, is resigning, effective August 11, 2014.


Moreover, during the relevant period, Annie's Director Molly F. Ashbey sold over $280 million of her personally-held stock, President and Chief Customer Officer Mark Mortimer sold over $2.6 million worth of his personally-held stock, and Chief Executive Officer and Director John M. Foraker sold over $1 million worth of his personally-held stock.

KSF's investigation is focusing on whether Annie's and/or its officers and directors violated state or federal securities laws.

If you have information that would assist KSF in its investigation, or would like to discuss your legal rights, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com) or KSF Partner Melinda Nicholson (melinda.nicholson@ksfcounsel.com) toll free at 1-877-515-1850.

About Kahn Swick & Foti, LLC

KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities class action and shareholder derivative litigation with offices in New York and Louisiana. KSF's lawyers have significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders.

To learn more about KSF, you may visit www.ksfcounsel.com.


[ Back To Technology News's Homepage ]

OTHER NEWS PROVIDERS







Technology Marketing Corporation

800 Connecticut Ave, 1st Floor East, Norwalk, CT 06854 USA
Ph: 800-243-6002, 203-852-6800
Fx: 203-866-3326

General comments: tmc@tmcnet.com.
Comments about this site: webmaster@tmcnet.com.

STAY CURRENT YOUR WAY

© 2014 Technology Marketing Corporation. All rights reserved | Privacy Policy