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This is one of the stocks the VIRTUAL Dark Horse Hedge virtual portfolio is short. Oddly enough, last I looked, the stock was trading 9% higher after hours. Go figure. – Ilene
By Andrea Tse, Green Mountain Shares Swing Wildly After Accounting Errors Revealed, TheStreet
11/19/10 – 05:02 PM EST
NEW YORK (TheStreet) — Green Mountain Coffee Roasters (GMCR) said after the market close Friday that it will restate earnings for three fiscal years and the first three quarters of the current fiscal year due to accounting errors.
The company will restate financial statements for fiscal years 2007, 2008 and 2009 and the first three quarters of fiscal year 2010.
"This decision was made by the company's board of directors, upon the recommendation of the audit committee and in consultation with management," GMCR said in a prepared statement. "As a result of this decision, investors should no longer rely upon the company's previously released financial statements for these periods and any earnings releases or other communications relating to these periods."
>> Green Mountain Coffee Roasters: 7 Troubling Scenarios for Investors
Green Mountain Coffee Roasters said the errors were discovered during an [internal] investigation ordered by its board audit committee in light of the Securities and Exchange Commission's inquiry into the company's revenue recognition practices.
The company reassures investors that none of the errors indicate any intentional wrongdoing by its management and employees and are not connected to its relationship with with M-Block, which Green Mountain sells Keurig brewers and K-Cups to for re-sale purposes.
via Green Mountain Shares Swing Wildly After Accounting Errors Revealed, TheStreet.
