SOURCE: Brower Piven, A Professional Corporation

July 15, 2008 17:54 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in Sonoco Products Co. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the August 25, 2008 Lead Plaintiff Deadline

BALTIMORE, MD--(Marketwire - July 15, 2008) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of South Carolina on behalf of purchasers of the common stock of Sonoco Products Co. ("Sonoco Products" or the "Company") (NYSE: SON) between February 7, 2007 and September 18, 2007, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than August 25, 2008 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You may contact Brower Piven (through or 410/332-0030) to answer questions you may have regarding the lead plaintiff process.

The complaint charges Sonoco Products and certain of its officers and directors with violations under the Securities Exchange Act of 1934 by issuing 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 that the Company had no reasonable basis for its 2007 earnings guidance because the Company: was losing market share to its competitors; was having operational difficulties in implementing its next generation of products; was experiencing weaker sales in its Engineered Carriers and Paper and Consumer Packaging segments, especially in North America; was distracted by the loss of a bid on a large contract, which resulted in decreased sales and price concessions on current contracts; and was having a difficult time in moving its old inventory. Both when the Company announced financial results on July 20, 2007 (for the period ended July 1, 2007) and, on September 18, 2007, a reduction in its third quarter 2007 base earnings estimate, the value of the Company's shares declined.

If you have suffered a net loss for all transactions in Sonoco Products common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at, by email at, by calling 410-332-0030, or at Brower Piven, A Professional Corporation, The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need not take any action at this time to be a member of the class.

Contact Information

    Charles J. Piven
    Brower Piven, A Professional Corporation
    Baltimore, Maryland
    Email Contact