Barrack, Rodos & Bacine Files Class Action Lawsuit Against Green Mountain Coffee Roasters, Inc.
PHILADELPHIA, Nov. 2, 2010 /PRNewswire/ -- Barrack Rodos & Bacine announces that it has filed a class action lawsuit in the United States District Court for the District of Vermont, Blank v. Green Mountain Coffee Roasters et al., Civil Action No. 2:10-CV-267, on behalf of purchasers of common stock of Green Mountain Coffee Roasters, Inc. (Nasdaq: GMCR) ("Green Mountain") during the period from July 28, 2010 through September 28, 2010 (the "Class Period").
The complaint charges Green Mountain and its senior executives with violations of the Securities Exchange Act of 1934. Green Mountain is a leader in the specialty coffee and coffee maker businesses. It sells over 200 whole bean and ground coffee selections, cocoa and teas in the United States and abroad.
The complaint alleges that during the Class Period, defendants issued a series of false and misleading statements based on improper accounting methods used for the company's financial statements. After the close of trading on September 28, 2010, defendants filed a Form 8-K that revealed, for the first time, that Green Mountain was the subject of an SEC investigation into its revenue recognition practices. In the SEC filing, the defendants disclosed that the company had been notified by the SEC of this investigation on September 20, 2010 and that the company believed the focus of the inquiry concerns certain revenue recognition practices and its relationship with one of its vendors. On this news, the price of Green Mountain's common stock dropped from a closing price of $37.01 on September 28, 2010, to close at $31.06 on September 29, 2010, a decline of 16%, on heavy trading volume.
Plaintiff seeks to recover damages on behalf of all purchasers of common stock of Green Mountain during the Class Period. The plaintiff is represented by Barrack Rodos & Bacine, which has significant experience in prosecuting class actions on behalf of investors in cases involving financial and corporate fraud.
If you wish to serve as lead plaintiff, you must move the Court no later than November 29, 2010. To discuss your rights regarding the appointment of lead plaintiff and for additional information about your interest in this class action, please contact plaintiff's counsel, Barrack Rodos & Bacine, at the following toll-free number: 877-386-3304, or via e-mail to Jeffrey Gittleman at [email protected]. A copy of the complaint is available from the Court or from Barrack Rodos & Bacine.
SOURCE Barrack, Rodos & Bacine
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