Primo Water Corp., activist investor settle legal dispute over board election

Primo Water Corp. (NYSE: PRMW), a publicly traded company headquartered in Tampa that specializes in bottled water products and services, has settled a lawsuit filed in Ontario — the company’s shares are also traded on the Toronto Stock Exchange — by one of its investors, Los Angeles-based Legion Partners Asset Management LLC.

The dispute was sparked by Primo’s decision to block the nominations of Henrik Jelert and Lori Marcus, two of the four people Legion had nominated for seats on the company’s board of directors, prior to the firm’s annual general meeting, which has since been pushed back to May 31.

In a letter to shareholders, Primo said Jelert and Marcus “failed to disclose important and required information to the company (one neglected to disclose that he was criminally tried for allegedly bribing a government official and the other did not disclose a pending case against her for fraud).”