Coughlin Stoia Geller Rudman & Robbins LLP (“Coughlin Stoia”) (http://www.csgrr.com/cases/sunopta/) today announced that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of SunOpta, Inc. (“SunOpta”) (NASDAQ:STKL) common stock during the period between January 4, 2007 to January 25, 2008 (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later than March 28, 2008. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Samuel H. Rudman or David A. Rosenfeld of Coughlin Stoia at 800/449-4900 or 619/231-1058, or via e-mail at djr@csgrr.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.csgrr.com/cases/sunopta/. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges SunOpta and certain of its officers and directors with violations of the Securities Exchange Act of 1934. SunOpta primarily specializes in the natural and organic food markets in the United States and Canada.
The complaint alleges that, during the Class Period, defendants failed to disclose: (a) that the Company’s financial results were materially overstated because SunOpta failed to timely record an impairment in the value of its berry inventory -- indeed, SunOpta has publicly announced that it would be restating its previously issued financial results for 2007 to correct for the over-valuation of its berry inventory; (b) that the Company lacked adequate internal controls and was therefore unable to ascertain its true financial condition; and (c) that as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company, its prospects and earnings growth.
According to the complaint, on January 24, 2008, the Company announced that it was lowering its 2007 earnings guidance and that financial restatements were likely. In response to this announcement, on the next trading day, shares of the Company stock fell $3.51 per share, or 37%, to close at $6.05 per share, on extremely heavy trading volume.
Plaintiff seeks to recover damages on behalf of all purchasers of SunOpta common stock during the Class Period (the “Class”). The plaintiff is represented by Coughlin Stoia, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Coughlin Stoia, a 190-lawyer firm with offices in San Diego, San Francisco, Los Angeles, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Coughlin Stoia Web site (http://www.csgrr.com) has more information about the firm.