June 6, 2014 (Shareholders Foundation) - An investigation on behalf of investors of Annies Inc (NYSE:BNNY) shares over potential securities laws violations by Annies Inc and certain of its directors and officers in connection certain financial statements was announced.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Annies Inc (NYSE:BNNY) concerning whether a series of statements by Annies Inc regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Annies Inc reported that its Total Revenue rose from $141.30 million for the 12 months period that ended on March 31, 2012 to $169.98 million for the 12 months period that ended on March 31, 2013 and that its respective Net Income increased from $9.59 million to $11.55 million.Shares of Annies Inc (NYSE:BNNY) grew from $32.51 per share in December 2012 to as high as $51.36 per share in October 2013.
Since then NYSE:BNNY shares declined significantly.
Then on June 4, 2014, Annies Inc announced in an Securities and Exchange Commission filing, that 'on June 1, 2014, the Audit Committee of the Board of Directors (the 'Audit Committee') of Annie's Inc. (the 'Company') was orally informed by its independent registered public accounting firm, PricewaterhouseCoopers LLP ('PwC'), that PwC was resigning effective the earlier of August 11, 2014 or the completion of the Company's filing with the Securities and Exchange Commission of the Form 10-Q for the period ending June 30, 2014.' Annies Inc also disclosed that that there was 'material weakness in internal control over financial reporting' for the fiscal year ended March 31, 2014. 'The material weakness identified in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2014 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 statements.'
Shares of Annies Inc closed on June 6, 2014, at $28.10 per share.