In after-hours trading Wednesday, Hain shares were trading up more than 2 percent at $33.93.
Hain's stable of brands includes Celestial Seasonings, Terra Chips and Garden of Eatin, among others. Its products are carried at major retailers, including Wal-Mart Stores, Whole Foods and Sprouts Farmers Market.
Vendetti, whose firm has a hold rating on Hain, said during an interview this week that after the accounting issues were disclosed "we reduced our estimates and said let's move to the sidelines. We thought that was the prudent thing to do — to take a wait-and-see approach."
Indeed, seven out of the 11 analysts covering the stock have a hold or reduce rating on the stock, according to Thomson Reuters.
At the time Hain disclosed the accounting issues, the company said it had "identified concessions that were granted to certain distributors in the United States." It added that it was "evaluating whether the revenue associated with those concessions was accounted for in the correct period and is also currently evaluating its internal control over financial reporting."
As part of its probe, Hain also said last August that the audit committee of its board had retained independent counsel to assist in the review.
On May 11, though, the company said it expected to file its financial results by the end of the month and indicated at the time its "internal accounting review is nearing completion." But Hain didn't file its results and instead issued a press release May 30 announcing it needed until mid-June.
Hain is scheduled to report before the bell Thursday its delayed fiscal 2016 results as well as quarterly financials for the first three quarters of fiscal 2017. The company also has stated it expects to make the required regulatory filings in connection with those financial results.
"At this point it's just a matter of trying to get some sense of what's been going on in the business," said Zain Akbari, an analyst at Morningstar. "It's been so long since we've seen financials that I think a resetting of where exactly the firm is and where it's going, in addition to what steps they are taking to ensure that this sort of an incident doesn't recur will be important."
Akbari pointed out that even before the accounting mess hit the headlines there were concerns at play with Hain's business slowing in the U.S. Some of the problems were self-inflicted, he said, such as the company's Celestial Seasonings tea brand's packaging refresh that "didn't go so well. It will be important to see how the product responded in the next tea season."