Sonoco Products Co. Faces Shareholder Class Action Lawsuit
A lawsuit has been filed against the Sonoco Products Co. in the United States District Court for the District of South Carolina. The Brualdi Law Firm P.C. announces the lawsuit on behalf of all the purchasers of the common stocks of the company. However, no class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one.
The charge alleges that during the Class Period of September 7, 2007 and September 18, 2007 defendants issued a series of materially false and misleading statements concerning the Company’s financial performance and prospects. Some of the false statements are: (i) that the Company was losing market share to its competitors; (ii) that the Company was having operational difficulties in implementing its next generation of products; (iii) that the Company was experiencing weaker sales in its Engineered Carriers and Paper and Consumer Packaging segments, especially in North America; (iv) that the Company was distracted by the loss of a bid on a large contract, which resulted in decreased sales and price concessions on current contracts.
Readers, if you want to be a part of the class, you need not take any action at this time. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Sue Lee at The Brualdi Law Firm, 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1877 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Source: Fox Business
Filed under Class Action, Shareholder Lawsuit
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