(CN) – The maker of the Keurig single-cup coffee system must face a securities fraud class-action lawsuit, the Second Circuit ruled on Friday.
Five employee retirement systems acquired stock in Green Mountain Coffee Roasters Inc., which manufactures Keurig coffee makers.
The plaintiffs are the retirement systems of the Virgin Islands government, Louisiana municipal police employees, Ft. Lauderdale (Fla.) city employees and Mississippi public employees and Sjunde AP-Fonden, a Swiss firm.
They took Green Mountain to Federal Court in Vermont, alleging that the company misrepresented its inventory, growth prospects and business performance.
During 2011, Green Mountain’s stock soared from $32.96 in February to $111.62 per share in August.
