SAN FRANCISCO (Legal Newsline) - The maker of a popular coffee brewing system is being sued for allegedly making false statements about its sales projections to investors.
Edward Blasco filed the lawsuit on June 19 in United States District Court in California against Keurig Green Mountain, claiming the company misled investors about its Keurig 2.0 brewing system.
The lawsuit said the company's projections for the brewing system were “unrealistic and unattainable” due to consumer confusion. The company also failed to disclose that the distribution of a new cold brewing system would be delayed, the suit says.
The lawsuit claims false and misleading statements made by Keurig adversely affected the company's stock and damaged stockholders.
The company said in February that the launch of its 2.0 brewing system was slower than planned mainly due to the new packs that would work in the system not getting to retail shelves quickly enough.
The lawsuit is seeking class status for those who held stock in Keurig between Feb. 4 and May 6, and is also seeking and unspecified amount in damages.
Blasco is represented by Laurence Rosen of The Rosen Law Firm, P.A. in Los Angeles.
United States District Court for the Northern District of California case number 5:15-cv-02766.