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Dec. 7, 2011 /PRNewswire/ -- Former United States Securities and United States Securities and Exchange Commission attorney
Willie Briscoe, founder of
The Briscoe Law Firm, PLLC, and the securities litigation firm of
Powers Taylor, LLP announce that the firms are investigating legal claims against the officers and Board of Directors of Primo Water Corporation ("
Primo Water" or "PRMW") (NASDAQ: PRMW) related to potential securities violations by
Primo Water between
November 4, 2010 and
August 10, 2011 (the "Class Period").
If you are an affected investor and you want to learn more about the lawsuit or join the action, contact
Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at
Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at
WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
According to former SEC attorney and shareholder advocate
Willie Briscoe, "based on recent revelations about the conduct of
Primo Water's Board of Directors and certain officers, the firms have commenced an investigation to uncover possible breaches of fiduciary duties and other violations of state law by the officers and directors."
December 2, 2011,
Primo Water and certain of its officers and directors were charged with violating the Securities Act of 1933 and the Securities Exchange Act of 1934.
The complaint alleges that during the Class Period defendants issued materially false and misleading statements misrepresenting and/or failing to disclose the following adverse facts: (a) neither demand nor sales of
Primo Water's products were as robust as represented; (b) stores owned by
Primo Water's largest retail customers did not carry
Primo Water's products so the company was not generating any revenue from those locations; (c) Primo Water'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) Primo Water's primary retail customers would not be in a 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 Primo Water; (e) Primo Water's largest retail customers had delayed promotions of the company's products, which negatively impacted sales; (f) Primo Water's growth rate had slowed and would be slower for the rest of 2011, if not beyond; (g) Primo Water would not meet the financial guidance it provided to investors; and (h) as a result of the foregoing, defendants' positive statements about the company were lacking in a reasonable basis of fact and were materially false and misleading when made.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.