SAN DIEGO, Jan. 18, 2012 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit has been filed in the U.S. District Court for the Middle District of North Carolina on behalf of certain investors in shares of Primo Water Corporation (PRMW) against Primo Water Corp. over alleged Violations of Federal Securities Laws and that a deadline to get actively involved is coming up on January 31, 2012.
Investors with a substantial investment in Primo Water Corporation (PRMW) in or traceable to its initial public offering on or about November 4, 2010 and its offering of common stock on or about June 17, 2011, and/or investors with a substantial investment in Primo Water's common stock between November 4, 2010 and August 10, 2011, have certain options and should contact the Shareholders Foundation by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
According to the complaint filed the plaintiff alleges that Primo Water Corporation and certain of its officers and directors and the underwriters of the Offerings on November 4, 2010 and June 17, 2011 violated the Securities Act of 1933 and the Securities Exchange Act of 1934.
On August 10, 2011, Primo Water Corporation announced its financial results for the second quarter of 2011, the period ended June 30, 2011. The plaintiff says that for the quarter, the Primo Water Corporation reported a net loss of $2.0 million or a loss of $0.10 per share, compared to its projections in May 2011 of earnings ranging from a loss of $0.03 to a gain of $0.02 per share and analyst projections of a gain of $0.07 per share. Primo Water Corp. also revised downward its financial projections for the third and fourth quarters of 2011 and provided guidance for the full year of 2012.
Shares of Primo Water Corporation fell significantly from $14.59 on August 4, 2011 to as low as $3.82 on August. 22, 2011. Since then PRMW stocks continued to decline and closed recently at $2.67 per share.
Those who are investors in Primo Water Corporation (PRMW) in or traceable to its initial public offering on or about November 4, 2010 and its offering of common stock on or about June 17, 2011 and/or those who are investors in Primo Water's common stock between November 4, 2010 and August 10, 2011, have certain options and should contact the Shareholders Foundation.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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