Lawsuit Overview
Settlement Overview
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May 17, 2010 – The court approved the settlement (and entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice).
February 2, 2010 - The court preliminarily approved the settlement.
April 14, 2009 - The lead plaintiffs filed an amended consolidated complaint.
January 30, 2009 - The lead plaintiffs and counsel were appointed and all cases were consolidated.
March 28, 2008 - Lead plaintiff motions were filed.
March 13, 2008 - Another investor filed a complaint.
February 29, 2008 - Another investor filed a complaint.
February 25, 2008 - Another investor filed a complaint.
February 13, 2008 - Another investor filed a complaint.
February 7, 2008 - Another investor filed a complaint.
February 1, 2008 - Another investor filed a complaint.
January 28, 2008 - An investor in shares of SunOpta Inc (NASDAQ: STKL) filed a lawsuit in the U.S. District Court for the Southern District of New York against SunOpta Inc over alleged violations of Federal Securities Laws between August 8, 2007, and January 25, 2008.
The plaintiff alleges, that 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 Inc, 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 Inc 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.