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Judge dismisses Green Mountain Coffee lawsuit
Posted: Jan 31, 2012 9:57 AM by AP
BURLINGTON, Vt. (AP) - A federal judge has dismissed a lawsuit against Vermont's Green Mountain Coffee Roasters that alleged accounting fraud.
U.S. District Judge William Sessions III said the plaintiffs - a group of investors in the company - had not presented any facts that indicated "a strong inference" of fraud. The Burlington Free Press reports (http://bfpne.ws/wog12q) he dismissed the suit Friday, but left the door open for the group to re-file their lawsuit in 30 days.
The suit was filed by a Louisiana retirement fund after the company's share price sank following a critical report about tis business and the company recorded lower-than-expected revenue. The company has since restated its financial statements acknowledging overstatements of income totaling about $9 million because of accounting errors, but denied any misconduct.
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