Green Mountain To Restate Financials (GMCR)

Green Mountain Coffee Roasters Inc. GMCR is going to restate its financial statements for 2007, 2008 and 2009, as well as the first three quarters of this year. According to the statement, Green Mountain says, "investors should no longer rely upon the companies previously released financial statements." In the press release, Green Mountain wrote, "As discussed below, these errors were discovered by management during the course of its preparation of the year-end financial statements and audit, as well as during the course of an internal investigation initiated by the audit committee of the Company's board of directors in light of the previously disclosed inquiry by the staff of the Securities and Exchange Commission's (“SEC”) Division of Enforcement. The internal investigation is nearly complete, and the Company continues to cooperate fully with the SEC. None of the financial statement errors implicate misconduct with respect to the Company or its management or employees. In addition, none of the financial statement errors are related to the Company's relationship with M.Block & Sons, the fulfillment vendor through which the Company makes a majority of the at-home orders for the Keurig business unit's single-cup business sold to retailers." Shares of GMCR are currently halted, and will resume trading at 4:50 p.m. Shares finished the day at $30.26, a loss of 62 cents or 2%.