NEW YORK, June 27, 2008 (PRIME NEWSWIRE) -- The Brualdi Law Firm P.C. announces that a lawsuit has commenced in the United States District Court for the District of South Carolina on behalf of purchasers of Sonoco Products Co. ("Sonoco" or "the Company") (NYSE:SON) common stock during the period between September 7, 2007 and September 18, 2007 (the "Class Period").
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Sonoco common stock during the period described above, you have certain rights and have until no later than 60 days from June 27, 2008 in which to move for Lead Plaintiff status. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
To be a member of the class, you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Sue Lee at The Brualdi Law Firm, 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1877 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com/
The complaint alleges that, during the Class Period, defendants issued a series of materially false and misleading statements concerning the Company's financial performance and prospects. Specifically, the complaint alleges that these statements were materially false and misleading because defendants failed to disclose and/or misrepresented: (i) that the Company was losing market share to its competitors; (ii) that the Company was having operational difficulties in implementing its next generation of products; (iii) that the Company was experiencing weaker sales in its Engineered Carriers and Paper and Consumer Packaging segments, especially in North America; (iv) that the Company was distracted by the loss of a bid on a large contract, which resulted in decreased sales and price concessions on current contracts; (v) that the Company was having a difficult time in moving its old inventory; and (vi) that as a result of the forgoing, the Company had no reasonable basis for its 2007 earnings guidance.