|[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 (firstname.lastname@example.org)
or KSF Partner Melinda Nicholson (email@example.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
To learn more about KSF, you may visit www.ksfcounsel.com.
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