US: Primo Water faces class action lawsuit
The investor also claims that stores owned by Primo Water's largest retail customers did not carry the company's products
An investor has filed a lawsuit against Primo Water in the US for issuing what it claims are "misleading statements" regarding the company's business and prospects.
Robbins Geller Rudman & Dowd filed the lawsuit last week on behalf of its client, who as an institutional investor of Primo Water. The suit is charging the company and a number of its directors with violations to the Securities Act of 1933 and the Securities Exchange Act of 1934.
The complaint, filed through the US District Court for the Middle District of North Carolina, alleges that the company "misrepresented and/or failed to disclose" a number of facts including that "neither demand nor sales of the company's products were as robust as represented".
The investor is seeking to recover damages on behalf of "all purchasers of Primo Water common stock during the class period". Primo Water could not be reached for comment.
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