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No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than August 25, 2008 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You may contact Brower Piven (through hoffman@browerpiven.com or 410/332-0030) to answer questions you may have regarding the lead plaintiff process.
The complaint charges Sonoco Products and certain of its officers and directors with violations under the Securities Exchange Act of 1934 by issuing a series of materially false and misleading statements concerning the Company's financial performance and prospects. Specifically, the complaint alleges that these statements were materially false and misleading because defendants failed to disclose and/or misrepresented that the Company had no reasonable basis for its 2007 earnings guidance because the Company: was losing market share to its competitors; was having operational difficulties in implementing its next generation of products; was experiencing weaker sales in its Engineered Carriers and Paper and Consumer Packaging segments, especially in North America; was distracted by the loss of a bid on a large contract, which resulted in decreased sales and price concessions on current contracts; and was having a difficult time in moving its old inventory. Both when the Company announced financial results on July 20, 2007 (for the period ended July 1, 2007) and, on September 18, 2007, a reduction in its third quarter 2007 base earnings estimate, the value of the Company's shares declined.
If you have suffered a net loss for all transactions in Sonoco Products common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410-332-0030, or at Brower Piven, A Professional Corporation, The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need not take any action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Baltimore, Maryland 410/332-0030 Email Contact
SOURCE: Brower Piven, A Professional Corporation
http://www2.marketwire.com/mw/emailprcntct?id=DF02C3CB07E36F45
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The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
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