Keurig Green Mountain, Inc., announced Friday that the U.S. Securities and Exchange Commission had closed a four-year investigation into the company’s bookkeeping. No charges were filed, and the Waterbury-based coffee and beverage company faces no enforcement actions.
The firm had been under scrutiny for improper accounting and disclosures, after hedge fund manager David Einhorn publicly questioned its practices. A class-action lawsuit was later dismissed. The company (since renamed Keurig Green Mountain, but still holding onto its traditional ticker symbol GMCR) said an internal investigation found no wrongdoing.
“Since 2010, we have voluntarily cooperated with the government in an open and fulsome manner and we are very pleased to have this matter closed,” said Brian Kelley, Keurig’s president and CEO. “Throughout this time, every Keurig employee stayed focused on delivering innovative beverage solutions that consumers embrace as part of their daily routines.”
Kelley, former president of Coca-Cola Refreshments, joined GMCR in 2012. Coca-Cola has since acquired 16 percent ownership of the company’s stock.
