Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of specialty coffee brewer Green Mountain Coffee Roasters (Nasdaq: GMCR) perked up roughly 20% today on news that it would restate its financials for the past three fiscal years, as well as the first three quarters of this year, because of reporting errors.

So what: This type of announcement typically leads to pain for investors, but accounting issues have weighed heavily on Green Mountain's shares since September, when the SEC launched a probe into the company's financials. Green Mountain said the adjustments should reduce past earnings by only about $6.1 million to $6.5 million, or $0.04 to $0.05 a share, appeasing investor fears of a nightmarish outcome of the inquiry.

Now what: While today's news resolves some of the uncertainties surrounding Green Mountain, it's still too pricey for this Fool to take a chance on. Even with recent accounting worries holding it back, the stock has more than quadrupled since 2009 and trades at a forward P/E of 30. Green Mountain's sales have certainly been booming, but at the current valuation, increasingly fierce competition from the likes of Starbucks (Nasdaq: SBUX) and McDonald's (NYSE: MCD) doesn't seem to be discounted.

Interested in more info on Green Mountain Coffee? Add it to your watchlist.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Green Mountain is a Motley Fool Rule Breakers pick. Starbucks is a selection of Stock Advisor. Try any of our Foolish newsletter services free for 30 days.

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