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Primo Water Corporation (NASDAQ; PRMW) Investor Securities Class Action Lawsuit 12/02/2011

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Lawsuit Overview

Case Dismissed
Company
Primo Water Corporation
Security
NASDAQ: PRMW

Case Name
Primo Water Shareholder Class Action Lawsuit 12/02/2011
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Middle District of North Carolina

Deadline To File for Lead
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Summary

August 14, 2013 - The court granted the defendants' motion to dismiss with prejudice.
August 23, 2012 - The defendants filed a motion to dismiss.

June, 22, 2012 - The lead plaintiff filed an amended complaint.

April 13, 2012 - Lead plaintiff and lead counsel were appointed.

January 31, 2012 - A lead plaintiff motion was filed.

December 2, 2011 - An investor in shares of Primo Water Corporation (NASDAQ: PRMW) filed a lawsuit in U.S. District Court for the Middle District of North Carolina against Primo Water Corporation 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 Primo Water Corporation (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 Corporation's business and prospects.

Primo Water Corporation reported that its annual revenue rose from $13.45 million in 2007 to $46.98 million in 2009. However, in 2010 its annual revenue fell to $44.61 million with a $12.89 million net loss. Despite that Primo Water Corporation’s third quarter Revenue rose from $10.90 million last year to $24.11 million this year, its third quarter net loss increased to from $2.99 million a year earlier to $3.30 million for the third quarter in 2011.

Shares of Primo Water Corporation (NASDAQ: PRMW) 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 Primo Water Corporation (NASDAQ: PRMW) continued to decline to as low as $2.75 per share on November 28, 2011.