SOURCE: Brower Piven, A Professional Corporation

December 10, 2011 12:05 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $500,000 From Investment in Primo Water Corporation to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the January 31, 2012 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - Dec 10, 2011) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Middle District of North Carolina on behalf of purchasers of the common stock of Primo Water Corporation ("Primo Water" or the "Company") (NASDAQ: PRMW) pursuant or traceable to the Company's initial public offering on or about November 4, 2010 and the Company's offering of common stock on or about June 17, 2011 (the "Offerings"), as well as purchasers of the Company's common stock between November 4, 2010 and August 10, 2011, inclusive (the "Class Period").

If you have suffered a net loss for all transactions in Primo Water Corporation 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 www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.

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 January 31, 2012 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 are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the defendants of violations of the Securities Act of 1933 and the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose in connection with its IPO and/or during the Class Period that neither demand for nor sales of the Company's products were as robust as represented and that order delays caused by the Company's primary retail customers not being in a position to order the Company's products until after those retail customers cleared out other inventory related to products sold by the Company's competitors had slowed the Company's growth rate and would continue to do so for the rest of 2011, if not beyond such that the Company would not meet the financial guidance it provided to investors. According to the Complaint, after, on August 10, 2011, the Company announced that for the quarter ended June 30, 2011 the Company suffered a net loss of $2.0 million, or $0.10 per share, compared to Company's 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, and revised downward its financial projections for the third and fourth quarters of 2011, the value of Primo Water shares declined significantly.

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 take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact