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Rigrodsky & Long, P.A. announces that a class action lawsuit has been filed in the United States District Court for the Middle District of North Carolina (the “Complaint”) on behalf of all persons or entities who purchased or otherwise acquired the stock of Primo Water Corporation (“Primo Water” or the “Company”) (Nasdaq:
PRMW) in or traceable to the Company’s initial public offering on or about November 4, 2010 (the “IPO”) and the Company’s offering of common stock on or about June 17, 2011 (collectively, 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 wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact
Timothy J. MacFall, Esquire or
Noah R. Wortman, Case Development Director of Rigrodsky & Long, P.A., 919 North Market Street, Suite 980 Wilmington, Delaware, 19801 at (888) 969-4242, by e-mail to
firstname.lastname@example.org, or at:
Primo Water, through its subsidiaries, provides multi-gallon purified bottled water, self-serve filtered drinking water, and water dispensers in the United States and Canada.
The Complaint names Primo Water, certain of its officers and directors and the underwriters of the Offerings as defendants and alleges they have violated the Securities Act of 1933 and the Securities Exchange Act of 1934. The Complaint alleges that during the Class Period, defendants’ positive statements about the Company were lacking in a reasonable basis of fact and were materially false and misleading when made. Specifically, (a) neither demand nor sales of the Company’s products were as robust as represented; (b) stores owned by the Company’s largest retail customers did not carry the Company’s products so the Company was not generating any revenue from those locations; (c) the Company’s growth and business prospects were heavily dependent upon the ability of the Company’s two largest customers to sell products from other, unrelated companies before those customers would order products from Primo Water; (d) the Company’s primary retail customers would not be in position to order any of the Company’s products until after those retail customers cleared out other inventory sitting on their shelves, including inventory related to products sold by competitors to the Company; (e) the Company’s largest retail customers had delayed promotions of the Company’s products, which negatively impacted the Company’s sales; (f) the Company’s growth rate had slowed and would be slower for the rest of 2011, if not beyond; and (g) the Company would not meet the financial guidance it provided to investors.