Green Mountain Coffee Roasters Issues Statement Regarding SEC Insider Trading Action Against Former IT Department Employee Chad McGinnis
WATERBURY, Vt.--(BUSINESS WIRE)-- The Securities and Exchange Commission (SEC) announced today that it has filed a civil enforcement action against former Green Mountain Coffee Roasters, Inc. (GMCR) (NAS: GMCR) employee Chad McGinnis, and others outside the Company, alleging insider trading in the stock of GMCR. GMCR was recently advised of the government's investigation into Mr. McGinnis' activity and is cooperating fully with the government's investigation. Mr. McGinnis was a manager-level member of the Company's IT department and has been terminated for violations of the Company's insider trading policy. There has been no allegation of wrongdoing on behalf of the Company.
"We are appalled at the alleged actions of this individual," said Brian P. Kelley, GMCR's President and CEO. "All indications are that this case involves an irresponsible individual acting alone and we have no reason to believe anyone else associated with the Company was involved. GMCR requires all employees and Directors to adhere to our code of ethics and our insider trading policy. The alleged conduct of this individual is in violation of these policies, and goes against our culture, our values and everything the employees of GMCR stand for."
About Green Mountain Coffee Roasters, Inc.
As a leader in specialty coffee and coffee makers, Green Mountain Coffee Roasters, Inc. (GMCR) (NAS: GMCR) , is recognized for its award-winning coffees, innovative Keurig® Single Cup brewing technology, and socially responsible business practices. GMCR supports local and global communities by investing in sustainably-grown coffee, and donating a portion of its pre-tax profits to social and environmental projects.
GMCR routinely posts information that may be of importance to investors in the Investor Relations section of its website, including news releases and its complete financial statements, as filed with the SEC. The Company encourages investors to consult this section of its website regularly for important information and news. Additionally, by subscribing to the Company's automatic email news release delivery, individuals can receive news directly from GMCR as it is released.
Certain information contained in this filing, including statements concerning expected performance such as those relating to net sales, earnings, cost savings, acquisitions and brand marketing support, are "forward-looking statements". Generally, these statements may be identified by the use of words such as "may," "will," "would," "expect," "should," "anticipate," "estimate," "believe," "forecast," "intend," "plan" and similar expressions intended to identify forward-looking statements. These statements may relate to: the expected impact of raw material costs and our pricing actions on our results of operations and gross margins, expected trends in net sales and earnings performance and other financial measures, the expected productivity and working capital improvements, the ability to maximize or successfully assert our intellectual property rights, the success of introducing and producing new product offerings, ability to attract and retain senior management, the impact of foreign exchange fluctuations, the adequacy of internally generated funds and existing sources of liquidity, such as the availability of bank financing, the expected results of operations of businesses acquired by us, our ability to issue debt or additional equity securities, our expectations regarding purchasing shares of our common stock under the existing authorizations, organizational efficiencies, and the impact of the inquiry initiated by the SEC and any related litigation or additional governmental inquiry or enforcement proceedings.
These and other forward-looking statements are based on management's current views and assumptions and involve risks and uncertainties that could significantly affect expected results. Results may be materially affected by external factors such as damage to our reputation or brand name, business interruptions due to natural disasters or similar unexpected events, actions of competitors, customer relationships and financial condition, the ability to achieve expected cost savings and margin improvements, the acquisition and integration of new businesses, fluctuations in the cost and availability of raw and packaging materials, successful execution of internal changes to the organizational and leadership structures, changes in regulatory requirements, and global economic conditions generally which would include the availability of financing, interest, inflation rates and investment return on retirement plan assets, as well as foreign currency fluctuations, risks associated with our information technology systems, the threat of data breaches or cyber-attacks, and other risks described in our filings with the SEC.
Actual results could differ materially from those projected in the forward-looking statements. We undertake no obligation to update or revise publicly, any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
Green Mountain Coffee Roasters, Inc.
Suzanne DuLong, 802-488-2600
KEYWORDS: United States North America Vermont
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