NEW YORK, Dec. 7, 2011 /PRNewswire/ -- Levi & Korsinsky 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 investors who purchased Primo Water Corporation (" Primo Water" or the "Company") (NASDAQ: PRMW) pursuant and/or traceable to the Company's initial public offering on or about November 4, 2010 and August 10, 2011, inclusive.
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The complaint alleges that defendants misrepresented and/or failed to disclose the following facts: (a) the robustness of its sales and the nature of the Company's relationships with its primary retail customers; (b) the Company's growth rate had slowed and would be slower for the rest of 2011, if not beyond; (c) the Company would not meet the financial guidance it provided to investors; and (d) 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.
On August 10, 2011, the Company reported a net loss of $2.0 million or a loss of $0.10 per share and also revised downward its financial projections for the third and fourth quarters of 2011. On this news, Primo Water stock plunged from $13.92 per share on August 9, 2011 to close at $5.40 per share on August 10, 2011 on extremely heavy volume.If you suffered a loss in Primo Water you have until January 31, 2012 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (877) 363-5972, or visit http://www.zlk.com/primo-water-prmw.html. Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. Attorney advertising. Prior results do not guarantee similar outcomes.