NEW YORK, NY has filed a class action suit in the United States District Court for the Southern District of New York against SunOpta Inc. ("SunOpta" or the "Company")(NASDAQ: STKL) (TSX: SOY) and certain of its executives that alleges violations of the Securities Exchange Act of 1934 on behalf of purchasers of SunOpta securities during the period May 8, 2007 through January 25, 2008. Previously filed complaints commenced the class period on August 8, 2007.

The Complaint alleges that throughout the Class Period, defendants failed to disclose material adverse facts about the Company's financial well-being, business relationships, and prospects. Specifically, it is alleged that defendants failed to disclose the following: (1) that defendants materially artificially inflated the Company's financial results, which resulted in an overstatement of the Company's profitability; (2) that the Company's financial statements were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP"); (3) that the Company lacked adequate internal and financial controls; (4) that, as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times; and (5) that, as a result of the foregoing, the Company's statements about its future business prospects were lacking in any reasonable basis when made.

It is further alleged that on January 24, 2008, after the market closed, the Company shocked investors when it reported its anticipated financial results for 2007, disclosing for the first time that it expected to incur material write-downs and provisions in the range of $12 million to $14 million, which the Company attributed to write-downs of inventory within the SunOpta Fruit Group's berry operations, as well as difficulties in collecting for services and equipment provided to a customer of the SunOpta BioProcess Group. It is further alleged that the Company disclosed that it would likely restate financial results from previous quarters in 2007.

On January 25, 2008, the Company's shares declined $3.51 per share, or approximately 37%, on heavier than usual trading volume, to close at $6.05 per share.

If you are a member of the proposed Class, you may move the court no later than March 28, 2008 to serve as a lead plaintiff for the Class. You need not seek to become a lead plaintiff in order to share in any possible recovery.

Plaintiff seeks to recover damages on behalf of the Class and is represented by Kaplan Fox & Kilsheimer LLP. Our firm, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions and actions involving financial fraud. For more information about Kaplan Fox & Kilsheimer LLP, or to review a copy of the complaint filed in this action, you may visit our website at www.kaplanfox.com.

If you have any questions about this Notice, the action, your rights, or your interests, please e-mail us at mail@kaplanfox.com or contact:

Frederic S. Fox Joel B. Strauss Donald R. Hall Jeffrey P. Campisi KAPLAN FOX & KILSHEIMER LLP 850 Third Avenue, 14th Floor New York, New York 10022 (800) 290-1952 (212) 687-1980 Fax: (212) 687-7714 E-mail address: mail@kaplanfox.com Laurence D. King KAPLAN FOX & KILSHEIMER LLP 350 Sansome Street, Suite 400 San Francisco, California 94104 (415) 772-4700 Fax: (415) 772-4707 E-mail address: mail@kaplanfox.com

SunOpta (TSX:SOY)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more SunOpta Charts.
SunOpta (TSX:SOY)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more SunOpta Charts.