WEST HARTFORD, CT -- (Marketwire) -- 12/15/11 -- The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed 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) in or traceable to the Company's initial public offering on or about November 4, 2010 and 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 (the "Class Period").
The Complaint charges that Primo Water and certain of its officers, directors and underwriters violated federal securities laws. Specifically, defendants failed to disclose the following adverse facts: (i) neither demand nor sales were as robust as represented; (ii) the Company's growth rate had slowed and would be slower for the rest of 2011; (iii) the Company would not meet the financial guidance it provided to investors; and (iv) defendants' positive statements about the Company were lacking in a reasonable basis when made.
On August 10, 2011, Primo Water announced its financial results for the second quarter of 2011. The Company reported a net loss of $2.0 million and also revised downward its financial projections for the third and fourth quarters of 2011. On this news, Primo Water stock fell to a close of $5.40.
If you are a member of the class, you may, no later than January 31, 2012, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/primowater/, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: firstname.lastname@example.org. For more information about class action cases in general, please visit our website: www.izardnobel.com.