Hain Celestial Group Inc (NASDAQ:HAIN) has not reported earnings in over a year, and the company is in hot water.
One of the basic requirements of being listed in a major stock index is to post its quarterly results in a timely fashion, and struggling organic food and beverage company Hain Celestial has been struggling to abide by these regulations.
Nasdaq is requiring the company to post its earnings this time around, or the company will be delisted from the stock index. Hain Celestial said on Wednesday afternoon that it will be filing its annual report for the fiscal year 2016 on June 22.
The company will also be unveiling its figures for the quarters that ended Sept. 30, 2016, Dec. 31, 2016, and March 31, 2017. On June 22, a conference call will take place with stock analysts and top executives from Hain Celestial at 8 a.m.
It is unclear what exactly caused the delay from the company but an announcement back in August revealed that Hain Celestial was evaluating its internal control over financial reporting. The company was trying to figure out whether revenue from certain U.S. distributors was recorded in the quarter from which they came.
The confusion came as Hain Celestial noticed that revenue was being written down according to the moment in which products were shipped to certain distributors, instead of when they were sold to customers through these distributors, thus confusing the company’s bookkeepers.
HAIN shares surged 1.5% Thursday.