Clifford Brent Young, director of Rocklin, California-based Peabodys Coffee, has resigned from his position citing improper financial transactions. The news follows the company's announcement on 25 April that Young would step down as an officer. Young's resignation letter, which is set forth in a Form 8-K filed yesterday [Tuesday], claims that he had resigned due to financial transactions he believed were improper. He did not identify these transactions, but the company responded by saying that this purported reason is pretextual.