|[June 11, 2014]
INVESTOR ALERT: Class Action Lawsuit Against Annie's, Inc. Filed By Glancy Binkow & Goldberg LLP
LOS ANGELES --(Business Wire)--
Binkow & Goldberg LLP, representing investors of Annie's,
Inc. (the "Company") (NYSE:BNNY), has filed a class action lawsuit
in the United States District Court for the Northern District of
California on behalf of a class (the "Class") comprising all purchasers
of Annie's, Inc. securities between August 8, 2013 and June 3, 2014,
inclusive (the "Class Period").
Please contact Glancy Binkow & Goldberg LLP, toll-free at (888) 773-9224
or at (212) 682-5340, or by email to email@example.com
to discuss this matter.
Annie's, Inc. produces, markets and distributes natural and organic food
products, including meals, snacks, dressings, condiments and other
products. The Complaint alleges that defendants misrepresented and/or
failed to disclose material adverse facts about the Company's operations
and financial performance, including that:
The Company's historical methodology for estimating certain trade
allowances did not include all related trade promotion costs.
The Company's controls over accounting for conract manufacturing did
not sufficiently evaluate the valuation and accuracy of all contract
manufacturing receivables and payables.
The Company had a material weakness in its ability to detect
misstatements as a result of its insufficient controls.
As a result of its inadequate internal and financial controls, the
Company's financial statements were materially false and misleading at
all relevant times.
On June 2, 2014, Annie's, Inc. 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." Then, on June 3, 2014, after the
market close, Annie's announced that its independent registered public
accounting firm, PricewaterhouseCoopers (News - Alert) LLP, 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.
If you are a member of the Class described above, you may move the Court
no later than 60 days from the date of this Notice to serve as lead
plaintiff, if you meet certain legal requirements. To be a member of the
Class you need not take any action at this time; you may retain counsel
of your choice or take no action and remain an absent member of the
Class. If you wish to learn more about this action, or have any
questions concerning this announcement or your rights or interests with
respect to these matters, please contact Michael
Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century
Park East, Suite 2100, Los Angeles, California 90067, Toll Free at (888)
773-9224, or contact Gregory
Linkh, Esquire, of Glancy Binkow & Goldberg LLP at 122 E. 42nd
Street, Suite 2920, New York, New York 10168, at (212) 682-5340, by
e-mail to firstname.lastname@example.org,
or visit our website at http://www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
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