Stockholders v SunOpta, Inc.
SunOpta To Pay US$11.2 Million To Settle Class Action Suit Over Investor Claims
SunOpta Inc.(TSX:SOY) has agreed to pay US$11.2 million to settle a class-action suit, according to the law firm acting for investors who bought the company's stock over an 11-month period ended Jan. 27, 2008.
The suit was brought after the company announced significant write-downs of two business groups. The stock price dropped from about $9 to $6 in heavy trading on Jan 25, 2008 and the stock has been trading even lower in the past year.
Apart from the financial payment, SunOpta has agreed to adopt certain corporate governance enhancements, the plaintiff' lawyer says.
The settlement is conditional on approval by the Ontario Court of Justice and the United States District Court for the Southern District of New York.
SunOpta distributes natural, organic and specialty foods. It said at the time of the writedown that it was hurt by unfavourable foreign exchange movements, falling commodity prices and the resulting mark to market impact on inventory values.
For more information please contact:
Michael Robb
Siskinds LLP
680 Waterloo Street
P.O. Box 2520
London, Ontario, CanadaN6A 3V8
Phone: (519) 672-2121
Fax: (519) 672-6065
If you bought SunOpta, Inc. securities and would like to obtain information about the SunOpta, Inc. lawsuit, then you are invited to call Kahn Swick & Foti, LLC toll free at (866) 467-1400 extension 100 to speak with an attorney or visit www.ksfcounsel.com.
