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Starbucks Corporation (NASDAQ:SBUX) CEO Howard Schultz could be subpoenaed before a committee led by Sen. Bernie Sanders (I-Vt.) if the latter has his way.
What Happened: Sanders wants Schultz to testify on alleged labor violations and has scheduled a vote on March 8 in the Senate Health, Education, Labor and Pensions Committee which would make it mandatory for the executive to appear before the panel, reported Bloomberg.
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Starbucks said the move was a “disappointing development” and said it would continue its dialogue with Sanders’s staff. A company spokesperson said they were optimistic about arriving at an “appropriate resolution,” according to the report.
“Unfortunately, Mr. Schultz has given us no choice, but to subpoena him,” said Sanders.
The Vermont senator said that a multibillion-dollar corporation like Starbucks “cannot continue to break federal labor law with impunity.”
“The time has come to hold Starbucks and Mr. Schultz accountable,” said Sanders, reported Bloomberg.
See Also: How To Buy Starbucks (SBUX) Shares
Why It Matters: Starbucks has denied allegations of labor law violations, according to Bloomberg.
Sanders reportedly invited Schultz to testify on a voluntary basis about complaints filed with the National Labor Relations Board that the Seattle-based company had violated federal labor laws.
Benzinga found that on the NLRB website, there are more than 1,200 cases listed involving Starbucks.
Last year, it was reported that Starbucks illegally withheld wages and benefits from union workers. At the time, 230 locations had voted to join Starbucks Workers United. That number has now grown to 278, according to the union’s website.
Price Action: On Wednesday, Starbucks shares closed 0.65% lower at $101.43 in the regular session, according to Benzinga Pro data.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.