Kaplan Fox Seeks to Recover Losses for Investors Who Purchased SunOpta Inc. Securities During Expanded Class Period
13 Febrero 2008 - 4:49PM
Marketwired
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
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