Case Page

 

Case Status:    DISMISSED    
On or around 07/29/2013 (Other)

Filing Date: September 30, 2010

According to a press release dated September 30, 2010, the Complaint alleges that Green Mountain artificially inflated the Company's stock price during the Class Period by issuing inaccurate and unreliable financial statements, which were not prepared in accordance with GAAP and SEC rules. The Complaint further alleges that on August 28, 2010, Green Mountain completed a sale of 8,566,649 shares of its common stock to Luigi Lavazza, for an aggregate purchase price of $250 million, despite the fact that the Company knew its reported financial statements were untrue and that it lacked adequate systems of internal operational and financial controls.

On September 28, 2010, following the close of trading, shareholders first learned that Green Mountain was the subject of an SEC investigation into its revenue recognition, that it had been notified by the SEC of this investigation as early as September 20, 2010, and that the Company was also expected to take a restatement charge in the near term -- rendering the Company's prior reported financial statements and reports unreliable, false, and materially misleading.

Following this announcement, shares of the Company immediately declined in after-market trading, falling over 15% -- from a close of above $37.00 per share, to a low of $31.25 per share.

On December 20, 2010, granted an order appointing lead plaintiffs and approving lead plaintiffs’ selection of co-lead counsel.

On December 28, 2010, pursuant to Rule 41(a)(1)(A)(i) of the Federal Rules of Civil Procedure, a plaintiff was voluntarily dismissed from this action.

On January 3, 2011, pursuant to Rule 41(a)(1)(A)(i) of the Federal Rules of Civil Procedure, another plaintiff was voluntarily dismissed from this action without prejudice.

The lead plaintiffs filed a Consolidated Class Action Complaint on February 23, 2011.

On January 27, 2012, the Court granted the Defendants’ motions to dismiss without prejudice allowing Plaintiffs to amend their complaint within 30 days.

On April 30, 2012, Plaintiffs filed their second amended and consolidated complaint.

On March 20, 2013, the Court granted the Defendants’ motions to dismiss the Second Amended Complaint with prejudice. On the same day, a judgment was also issued by the Court.

COMPANY INFORMATION:

Sector: Consumer Non-Cyclical
Industry: Food Processing
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: GMCR
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Vermont
DOCKET #: 10-CV-00227
JUDGE: Hon. William K. Sessions III
DATE FILED: 09/30/2010
CLASS PERIOD START: 07/28/2010
CLASS PERIOD END: 09/28/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Johnson & Perkinson
    1690 Williston Road, Johnson & Perkinson, VT 05403
    802.862.0030 802.862.0060 · JPLAW@adelphia.net
  2. Kahn Swick & Foti, LLC (Madisonville)
    206 Covington Street, Kahn Swick & Foti, LLC (Madisonville), LA 70447
    (504) 455-1400 (504) 455-1498 ·
  3. Kahn Swick & Foti, LLC (Updated New York)
    500 Fifth Avenue, Ste. 1810, Kahn Swick & Foti, LLC (Updated New York), NY 10110
    212.696.3730 504.455-1498 ·
No Document Title Filing Date
COURT: D. Vermont
DOCKET #: 10-CV-00227
JUDGE: Hon. William K. Sessions III
DATE FILED: 04/30/2012
CLASS PERIOD START: 07/28/2010
CLASS PERIOD END: 09/28/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 · info@glancylaw.com
  2. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
  3. Woodward & Kelley, PLLC
    1233 Shelburne Road # D3, Woodward & Kelley, PLLC, VT 05403-7753
    802.652.9955 ·
No Document Title Filing Date
No Document Title Filing Date