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Case ID: 5037 | Stocks | 07/16/2008
On March 06, 2008, a stipulation and order was entered. As the case proceeds, several motions to appoint lead plaintiffs and counsels as well as to consolidate cases was filed on March 28, 2008.
According to a press release dated January 28, 2008, following the close of trading, defendants shocked investors after they published a release that revealed, for the first time, that the Company was performing well below expectations and that defendants expected to cause the Company to take a material restatement charge in the near term -- rending its prior reported financial statements and reports unreliable, false and materially misleading. SunOpta, which processes and produces organic foods, said it expected to post a profit of 12 cents to 14 cents per share for the year, citing issues within its fruit and BioProcess groups that led to pretax write-downs and provisions of $12 million to $14 million. Among problems the Company cited were inventories within the Company's Fruit Group's berry operations requiring write-down to net realizable value, whereby "preliminary estimates indicated that an adjustment in the range of $9 to $11 million for this issue and related items is necessary." Further, the Company disclosed a charge of "approximately $3 million pre-tax, related to difficulties in collecting for services and equipment provided to a customer under the terms of an existing equipment supply contract within the SunOpta BioProcess Group." On this news, belatedly revealed on January 24, 2008, shares of SunOpta stock fell precipitously, collapsing over 40%, from a close of $9.50 per share to approximately $6.00 per share in the single trading day -- on very high trading volume of over 11.488 million shares traded. Note: On January 28, 2008, the law firm of Federman & Sherwood announced that class period in its complaint was expanded to include those investors who bought or sold between May 8, 2007 to January 25, 2008.
At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest On October 14, 2008, a complaint was filed against the defendants in the Southern District of New York. The complaint charges the defendants and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The defendants are a neuroscience-based biotechnology company. A class action has been filed against National Australia Bank, Ltd. (NYSE: NAB) and certain of its officers and directors by stockholders who purchased the bank's ADRs between April 1, 1999, and September 3, 2001. The stockholders seek to recover compensatory damages for the loss of value of their ADRs. Kahn Gauthier Swick, LLC ("KGS") announces that shareholders of Shuffle Master, Inc. ("Shuffle Master" or the "Company") (Nasdaq:SHFL) who purchased shares of the Company between December 22, 2006 and March 12, 2007 (the "Class Period"), have 59 days, or until August 3, 2007, to move for appointment as Lead Plaintiff in a securities fraud class action lawsuit currently pending in the United States District Court for the District of Nevada. No class has yet been certified in this action.
A class action has been filed against construction equipment rental supplier United Rentals, Inc. (NYSE: URI) and certain of its officers and directors by stockholders who purchased the company's common stock between October 23, 2003 and August 30, 2004. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. According to a press release date April 21, 2008, the complaint charges Calamos Fund with violations of the Securities Act of 1933. Calamos Fund is a closed-end management investment company. The Fund’s investment objective is to generate a high level of current income, with a second objective of capital appreciation.
Several class actions have been filed against mutual fund manager Merrill Lynch & Company, Inc., (various stock symbols) and certain of its officers and directors by stockholders who purchased shares or other ownership units of any of the mutual funds carrying the "Merrill Lynch" brand name through Merrill Lynch, Pierce, Fenner & Smith, Inc., acting as broker between May 20, 1999, and the present. The actions claim that the defendants violated federal securities laws by failing to disclose that the company systematically applied incentives and demerits to induce the brokerage’s mid-level managers to maximize sales of Merrill Lynch funds. |
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