Primo Water Corporation Investor Files Class Action Lawsuit Alleging Securities Laws Violations
August 27, 2012 (Update) -- Defendants file a motion to dismiss with prejudice (meaning it could not be filed again).
December 6, 2011 (Update) -- Primo Water Corporation on Dec. 6, 2011 announced that it intends to vigorously defend recent allegations against the Company made in a purported class action securities lawsuit. Primo Water Corporation said it believes the claims are without merit.
San Diego, Dec. 2, 2011 (Shareholders Foundation) -- An investor in shares of Primo Water Corporation (Public, NASDAQ:PRMW) filed a lawsuit in U.S. District Court for the Middle District of North Carolina against Primo Water Corp. over alleged Violations of Federal Securities Laws.
According to the complaint the plaintiff alleges on behalf investors of common stock of Primo Water Corporation in or traceable to its initial public offering on or about November 4, 2010 and its initial public offering on or about June 17, 2011, as well as purchasers of NASDAQ PRMW stock between November 4, 2010 and August 10, 2011, that Primo Water Corporation and certain of its officers and directors and the underwriters of the Offerings violated the Securities Act of 1933 and the Securities Exchange Act of 1934 by issuing materially false and misleading statements regarding Primo Water's business and prospects
Primo Water Corporation reported that its annual Revenue rose from $13.45million in 07 to $46.98million in 2009. However, in 2010 its annual Revenue fell to $44.61million with a $12.89million Net Loss. Despite that Primo Water’s third quarter Revenue rose from $10.90million last year to $24.11million this year, its third quarter Net Loss increased to from $2.99million a year earlier to $3.30million for the third quarter in 2011.
Shares of Primo Water Corporation fell significantly from $14.59 on August 4, 2011 to as low as $3.82 on August. 22, 2011, after Primo Water Corporation on August 10, 2011announced financial results for the second quarter ended June 30, 2011.
Since then NASDAQ: PRMW continued to decline to as low as $2.75 per share on November 28, 2011.