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Hain Celestial jumps 12% after committee finds no wrongdoing in financial reporting

Irwin Simon, president and chief executive officer of Hain Celestial Group Inc.
Francis Specker | Bloomberg | Getty Images
Irwin Simon, president and chief executive officer of Hain Celestial Group Inc.

Shares of Hain Celestial soared more than 12 percent in premarket trade Thursday, and ended the day up 8.1 percent, after an independent audit committee review of its accounting practices was completed.

In August, the company, which makes Arrowhead Mills baking products and various organic items, said it had started an internal probe into its financial controls and the timing of various concessions granted to certain distributors.

Hain said on Wednesday the internal probe found no evidence of intentional wrongdoing in connection with its financial statements.

"Hain Celestial is committed to transparency of our financial reporting, and we are taking concrete measures to remediate as well as strengthen our internal controls. We are extremely pleased that the company can now move forward with its reporting process as we put these challenges behind us," CEO Irwin Simon said in a statement.

The stock is down more than 11 percent year to date.

Hain Celestial Group 5-Day Chart