COLCHESTER, Conn., March 1, 2008 (PRIME NEWSWIRE) -- On February 29, 2008, Scott+Scott LLP filed a class action against SunOpta Inc. ("SunOpta" or the "Company") (Nasdaq:STKL) and certain officers and directors in the U.S. District Court for the Southern District of New York. The action is on behalf of those purchasing SunOpta common stock during the period beginning August 8, 2007, to January 25, 2008, inclusive (the "Class Period"), for violations of the Securities Exchange Act of 1934. The complaint alleges that defendants made false and misleading statements and material omissions regarding the Company's reported earnings and that, as a result, the price of the Company's securities was inflated during the Class Period, thereby harming investors.
If you purchased SunOpta stock during the Class Period and wish to serve as a lead plaintiff in the action, you 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 its choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action or have questions concerning this notice or your rights, please contact Scott+Scott (scottlaw@scott-scott.com, (800) 404-7770, (860) 537-5537 or visit the Scott+Scott website, http://www.scott-scott.com, for more information. There is no cost or fee to you.
According to the complaint, during the Class Period, defendants made false and misleading statements and omissions regarding the Company's reported earnings. In addition, among other things, defendants falsely stated that the Company's internal controls were adequate and that the Company's financial statements were prepared in accordance with Generally Accepted Accounting Principles ("GAAP"). As a result, on January 24, 2008, Defendants informed shareholders that "significant issues" would cause the Company to write down $12 to $14 million pre-tax. In addition, Defendants' disclosed that the Company's quarterly and annual financial statements for the fiscal year 2007 could no longer be relied upon and that it would likely be required to restate its financial statements for previous quarters.
The plaintiff is represented by Scott+Scott, a firm with significant experience in prosecuting investor class actions. The firm dedicates itself to client communication and satisfaction and currently is litigating major securities, antitrust and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals and other entities worldwide.
More information on this and other class actions can be found on the Class Action Newsline at http://www.primenewswire.com/ca/