On March 8th, Green Mountain Coffee Roasters Inc. announced that Starbucks Corp. would be making a single-cup coffee machine to compete with Green Mountain’s Keurig system. Shares of Green Mountain plunged to below $53 on March 9th.
A month earlier, on February 15th, Green Mountain’s founder and chairman Robert Stiller sold 500,000 shares at $65.94/share. On February he sold another 500,000 shares at $66.68. Good timing or trading on inside information? If Stiller had waited until March 9th, his take would have dropped to around $53 million. Stiller remains Green Mountain’s largest shareholder, with 13.4 million shares (about 8.7% of shares outstanding).
Green Mountain loses patent protection on its Keurig system later this year
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