NEW ORLEANS, Nov. 20, 2010 (GLOBE NEWSWIRE) -- Former Louisiana Attorney General Charles C. Foti, Jr. and his law firm Kahn Swick & Foti, LLC ("KSF"), which filed the first securities fraud class action lawsuit against Green Mountain Coffee Roasters, Inc. ("Green Mountain" or the "Company") (Nasdaq:GMCR) in the United States District Court for the District of Vermont, on behalf of purchasers of the common stock of the Company between July 28, 2010 and September 28, 2010, inclusive (the "Class Period"), remind shareholders that they have only 9 days left to submit lead plaintiff applications. No class has yet been certified in this action. This complaint was designated Civil Action No. 2:10-CV-227.
As Green Mountain shareholders learned yesterday, KSF's claims were validated when the Company announced that it would restate its financial statements for fiscal years 2007-2009 and the first three quarters of 2010, after it identified a material weakness in its internal controls over financial reporting, resulting in accounting errors including overstating its cumulative net income by about 4-5 cents per share during these periods. A U.S. Securities and Exchange Commission inquiry into the way Green Mountain recognizes revenue and its relationship with a vendor, believed to be M.Block & Sons, is still underway. To view the original press release about KSF's lawsuit, after which additional copycat lawsuits have been filed, you may visit the firm's website .
What You May Do
If you are a Green Mountain shareholder and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, e-mail or call KSF Managing Partner, Lewis Kahn (lewis.kahn@ksfcounsel.com), toll free, 877-515-1850, or via cell phone any time at 504-301-7900, or KSF Director of Client Relations, Neil Rothstein, Esq. (neil.rothstein@ksfcounsel.com), toll free at 877-694-9510, or via cell phone any time at 330-860-4092. If you wish to serve as a lead plaintiff in this class action by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must act urgently and request this position by application to the Court by November 29, 2010. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. KSF encourages both institutional and individual purchasers of Green Mountain to contact the firm. The ultimate resolution of any securities class action is strengthened through the involvement of aggrieved shareholders and lead plaintiffs who have large financial interests. KSF also encourages anyone with information regarding Green Mountain's conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities class action and shareholder derivative litigation with offices in New York and Louisiana. KSF's lawyers have significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders. Recent cases include In re Virgin Mobile USA IPO Litigation, 2:07-cv-05619-SDW-MCA (D. N.J.), Co-Lead Counsel, $19.5 Million Settlement Preliminarily ApprovedIn re BigBand Networks, Inc Securities Litigation 3:07-CV-05101-SBA (C.D. Cal.), Co-Lead Counsel$11 million settlement; In re U.S. Auto Parts Networks, Inc. Securities Litigation, 2:07-cv-02030-GW-JC (C.D. Cal.), Lead Counsel, $10 million settlement. KSF is also federally court-appointed Co-Lead Counsel in THE shareholder derivative cases against AIG and Bank of America (Merrill Lynch merger) emanating from their recent multi-billion dollar economic declines.
To learn more about KSF, you may visit www.ksfcounsel.com.
CONTACT: Kahn Swick & Foti, LLC Lewis Kahn, Managing Partner 877-515-1850 or after hours via cell phone 504-301-7900 lewis.kahn@ksfcounsel.com 206 Covington St. Madisonville, LA 70447