Farmer Bros. stockholder group isues statement on management claims
Farmer Bros. stockholder group Save Farmer Bros. issued a statement to stockholders. The statement includes the following passages: We have witnessed Mr. Keown and his Board take highly questionable actions in seeking to diminish the voting influence of the company's employees, and with it their power to voice opposition to the culture of intimidation that Mr. Keown has instituted at the Company during his tenure as CEO" (...) "We have witnessed Mr. Keown and his Board boasting about improving operating performance, when in reality they have used asset sales, inventory liquidation and one-time income tax benefits to mask the company's bloated corporate expenses and poor capital allocation decisions under their watch. We have witnessed Mr. Keown and his Board set aside $3.5M of stockholder capital to finance a scare campaign aimed at disseminating false information about Save Farmer Bros". (...) "Mr. Keown and his Board remain unapologetic about misrepresenting Randy Clark and Christopher Mottern as Certified Public Accountants in past proxy materials". (...) "Mr. Keown and his Board claim that Charles Marcy was 'brought to the attention of the Nominating Committee and the Board by Leadership Capital Partners, LLC,' and is therefore independent of Mike Keown. We find this claim to be an outrageous falsehood" (...) "If Mr. Farmer believes that the Board is 'committed to acting in the best interest of the Company,' then why does he want to liquidate a substantial amount of the Farmer Bros. stock in the Farmer family trusts?" The statement then urges stockholders to vote to elect Save Farmer Bros.' three director candidates.