Hain Celestial Group Inc., the organic and natural foods maker facing investor pressure amid a review of its accounting, has received a delisting notice from the Nasdaq Stock Market, the company disclosed Thursday.
The Lake Success company said the delisting notice, dated Wednesday, came in response to its inability to file its annual report with the Securities and Exchange Commission, but would have “no immediate effect” on Hain Celestial’s trading on the Nasdaq.
Under Nasdaq rules the company has 60 days to submit a plan to regain compliance and, if the plan is accepted, up to 180 days from the annual report’s due date to submit the document.
Hain Celestial shares slipped 53 cents, or 1.4 percent, to close at $36.22 Thursday on the Nasdaq Stock Market. They are down more than 10 percent year to date.
The company’s shares fell more than 26 percent on Aug. 16, when the company disclosed it was delaying its earnings report because of the accounting review.
The review centers on whether revenue associated with some U.S. distributors was accounted for in the proper time period.
Hain Celestial’s brands include Celestial Seasonings tea, Earth’s Best baby food and Terra chips. Distributor United Natural Foods Inc. and Walmart Stores Inc. each account for more than 10 percent of sales, according to the company’s most recent annual filing.
A Hain Celestial spokeswoman said Thursday that she was unable to elaborate beyond the company’s news release.