Farmer Brothers Co. (NASDAQ:FARM) Investor Investigation Concerning Potential Violations Of Federal Securities Laws Announced

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Company Name(s): 
Farmer Brothers
Affected Securities: 
NASDAQ: FARM

October 16, 2013 (Shareholders Foundation) - An investigation on behalf of investors of Farmer Brothers Co. (NASDAQ:FARM) shares over potential securities laws violations by Farmer Brothers and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Farmer Brothers Co. (NASDAQ:FARM) concerning whether a series of statements by Farmer Brothers regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Farmer Brothers Co. reported that its Total Revenue rose from $463.94 million for the 12 months period that ended on June 30, 2011 to $495.44 million for the 12 months period that ended on June 30, 2012 and that its respective Net Loss declined from $52.03 million to $26.58 million.

Shares of Farmer Brothers Co. (NASDAQ:FARM) grew from $4.86 per share in November 2011 to as high as $16.70 in April 2013.

Then, on October 15, 2013, Farmer Brothers Co. reported its financial results for the fourth quarter and fiscal year ended June 30, 2013. Farmer Brothers Co. reported that its Total Revenue rose from $495.44 million for the 12 months period that ended on June 30, 2012 to $509.96 million for the 12 months period that ended on June 30, 2013, while its respective Net Loss declined from $26.58 million to $8.46 million. Farmer Brothers Co. said that it had delayed the filing due to the restatement of certain prior period financial statements resulting from errors related to the Company's accounting for certain postretirement benefit obligations for its retiree medical plan, failure to timely adopt accounting guidance relating to a postretirement death benefit, when originally issued, and failure to record the appropriate amounts reflecting the cash surrender value of life insurance policies purchased to fund the postretirement death benefit.

Farmer Brothers Co. (NASDAQ:FARM) shares closed on Oct. 16, 2013, at $15.71 per share.