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Hain delays results, expects to fall short of forecast

Hain Celestial President and CEO Irwin Simon speaks during the Ernst & Young Strategic Growth Forum in Palm Springs, Calif., Nov. 13, 2010.
Francis Specker | Bloomberg | Getty Images

Shares of Hain Celestial plummeted Monday after the organic and natural foods maker said it's delaying the release of its fourth-quarter results while it evaluates its internal control over its financial reporting.

The company, which makes Celestial Seasonings teas and other products, also said it does not expect to achieve its previously announced guidance for the fiscal year that ended June 30.

Its shares fell nearly 25 percent to $40.10 in premarket trading. (Get the latest quote here.)

The Lake Success, New York-based company says it's evaluating whether revenue associated with certain distributor concessions were accounted for in the correct period. It said any changes in the timing shouldn't affect the total revenue it ultimately recognizes in connection with those distributors.

Hain Celestial said its board's audit committee is also conducting an independent review.

CNBC contributed to this report.