Scott+Scott LLP Announces Developments in Class Action Lawsuit Against SunOpta Inc....

Mon Mar 10, 2008 11:45pm EDT
 
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Scott+Scott LLP Announces Developments in Class Action Lawsuit Against SunOpta
Inc. -- Lead Plaintiff Motions Due March 28, 2008 -- STKL

COLCHESTER, Conn., March 10, 2008 (PRIME NEWSWIRE) -- On March 1, 2008,
Scott+Scott LLP announced its initiation of securities class action litigation
against SunOpta Inc. ("SunOpta" or the "Company") (Nasdaq:STKL) on behalf of
purchasers of SunOpta common stock between August 8, 2007, and January 25, 2008,
inclusive (the "Class Period"). The action arises out of allegations that
SunOpta and other defendants made false and misleading statements and material
omissions regarding the Company's reported earnings during the Class Period.
Class members only have until March 28, 2008, to move for lead plaintiff
appointment.

Since the initiation of securities litigation, SunOpta has again confirmed on
March 6, 2008, that the Company overstated inventories for 2007 and would be
required to write-down the value of the previously overstated assets, thus
rendering prior 2007 quarterly financial statements inaccurate. The Company has
also announced that it will be delaying the filing of its 2007 Annual Report on
Form 10-K due to these recent disclosures and their impact on reported financial
statements. On these disclosures, analysts have cut their outlook for 2007
earnings to a per-share loss of 7 cents from an earlier expected outlook of a
35-40 cent per-share profit.

The securities class action litigation is pending in the U.S. District Court for
the Southern District of New York. SunOpta stock purchasers during the Class
Period who wish to serve as a lead plaintiff in the action, must move the Court
no later than March 28, 2008. Any member of the investor class may move the
Court to serve as lead plaintiff through counsel of their choosing.

Scott+Scott, a firm with significant experience in prosecuting investor class
actions, represents plaintiffs in the SunOpta litigation. The firm is also
litigating major securities, antitrust and employee retirement plan actions
throughout the United States. The firm represents pension funds, foundations,
individuals and other entities worldwide. SunOpta stock purchasers who wish to
discuss this action or have questions concerning this notice or their rights may
contact Scott+Scott (scottlaw@scott-scott.com, (800) 404-7770, (860) 537-5537 or
visit the Scott+Scott website, www.scott-scott.com, for more information.

More information on this and other class actions can be found on the Class
Action Newsline at www.primenewswire.com/ca/

-0-
CONTACT: Scott+Scott, LLP
         (800) 404-7770
         (860) 537-5537
         scottlaw@scott-scott.com

 

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