A former Latter-day Saint wrote the following on my facebook page recently:
I read on Mormon doctrine that cola drinks are against the word of wisdom, but that was written before the church bought shares in coke cola.
Does the LDS Church own shares in the Coka Cola company? Well, according to the non-LDS Website, Snopes, the answer is "nope"--this is just a stupid "criticism" that is floating around the Internet that this individual uncritically accepted.
As for the Church's stance on cola drinks and other similar drinks (e.g., energy drinks), some Latter-day Saints go the extra mile, if you will, and avoid Coke, Pepsi, etc. However, the Church's position on these was explicated in the following from Priesthood Bulletin, Feb 1972, p. 4:
With reference to cola drinks, the Church has never officially taken a position on this matter, but the leaders of the Church have advised, and we now specifically advise, against the use of any drink containing harmful habit-forming drugs under circumstances that would result in acquiring the habit. Any beverage that contains ingredients harmful to the body should be avoided.
Now, if don't mind, I am off to drink some Irn Bru . . . ;-)