Press release from PR Newswire
GMCR Investor Alert: The Briscoe Law Firm and Powers Taylor, LLP Investigate Possible Breaches of Fiduciary Duty by the Officers and Directors of Green Mountain Coffee Roasters, Inc.
Wednesday, December 07, 2011
DALLAS, Dec. 7, 2011 /PRNewswire/ -- Former United States Securities and United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that the firms are investigating legal claims against the officers and Board of Directors of Green Mountain Coffee Roasters, Inc. ("Green Mountain Coffee" or "GMCR") (NASDAQ: GMCR) related to potential securities violations by the company between February 2, 2010 and November 9, 2011 (the "Class Period").
If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at email@example.com, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
On November 29, 2011, Green Mountain Coffee and certain of its officers and directors were charged with numerous violations of the Securities Act of 1933 and the Securities Exchange Act of 1934. Specifically, defendants are charged with misrepresenting and/or failing to disclose the following adverse facts: (a) that in connection with the May 2011 Offering, Green Mountain Coffee used GMCR's key fulfillment vendor, M. Block & Sons, to house excessively manufactured, expired, or otherwise unsold product; (b) that Green Mountain Coffee materially overstated its revenues based on falsified sales orders, including through sham inventory shipments, for hundreds of millions of dollars in K-Cup and Keurig brewer products; (c) that Green Mountain Coffee booked "revenues" associated with these false sales orders and shipments as though they were real; and (d) that Green Mountain Coffee overstated its assets in proportion to its fictitious revenues by carrying the proceeds of dummy sales as assets on its balance sheet. It is further alleged that due to these misrepresentations, Green Mountain Coffee's stock traded at artificially inflated prices during the Class Period.
"Based on these serious allegations of improper conduct by the officers and directors of Green Mountain Coffee, we are extremely concerned about the possible damage to the company and its shareholders, and the firms have commenced an investigation to uncover possible breaches of fiduciary duties and other violations of state law by the officers and directors," said former SEC attorney and shareholder advocate Willie Briscoe.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
SOURCE Powers Taylor, LLP