San Diego, CA -- (SBWIRE) -- 07/31/2012 -- A current investor in NASDAQ:GMCR shares filed a lawsuit against directors of Green Mountain Coffee Roasters Inc. over alleged breaches of fiduciary duties in connection with certain financial statements.
Investors who are a current (long term) stockholders of Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that certain directors at Green Mountain Coffee Roasters Inc. sold almost $80million worth of their shares at prices allegedly inflated by certain improper statements.
Specifically, the plaintiff claims that in February 2012, certain defendants issued improper statements affirming that Green Mountain Coffee Roasters Inc. would meet its ambitious revenue and earning guidance for the fiscal year 2012, while in reality those defendants allegedly knew or recklessly disregarded that it was unlikely that Green Mountain Coffee Roasters Inc. would meet these numbers, as demand for the company’s products had slowed and inventory was building. The plaintiff alleges that they concealed these and other material facts from investors, however, in order to take advantage of the company’s artificially inflated stock price and sell over $78million of their personally held NASDAQ:GMCR shares.
NASDAQ:GMCR shares reached in February 2012 almost $70 per share.
Then on May 2, 2012, after the market closed, Green Mountain Coffee Roasters Inc. reported its Second Quarter Fiscal Year 2012 Results
NASDAQ: GMCR shares dropped from $49.52 per share on May 2, 2012, to $25.87 per share and continued to decline to as low as $17.49 per share on July 23, 2012.
On July 30, 2012, NASDAQ:GMCR shares closed at $18.20 per share, substantially below its current 52weekHigh of $115.98 per share.
Those who are current long term investors in Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR) shares, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego