Green Mountain Coffee Roasters being sued by pension fund amid accusations that company falsified financial records to display better picture of its finances, which in turn cost fund's investors billions of dollars; company denies any wrongdoing
December 6, 2011
– Green Mountain Coffee Roasters is being sued by a Louisiana police employees’ pension fund amid accusations that the company falsified financial records to display a better picture of its finances, which in turn cost the fund’s investors billions of dollars, The Burlington Free Press reported Dec. 5.
The claim was made by the Louisiana Municipal Police Employees’ Retirement System. The case alleges that Green Mountain concocted an “elaborate scheme” involving “falsified financial documents.”
Green Mountain Coffee spokeswoman Suzanne DuLong said the company has done nothing wrong.
The lawsuit states the Louisiana police retirement program purchased Green Mountain Coffee stock at “artificially inflated prices” from Feb. 2 to Nov. 9 because of false and misleading statements made by the company and its officials.
However, the claim does not specify how many shares the pension fund holds.
The primary source of this article is The Burlington Free Press, Burlington, Vermont, on Dec. 5, 2011.