NEW YORK, Jan. 31, 2008 (PRIME NEWSWIRE) -- Roy Jacobs & Associates announces that a class action lawsuit against SunOpta, Inc. ("SunOpta" or the "Company") (Nasdaq:STKL) has been filed in the United States District Court for the Southern District of New York, on behalf of shareholders who purchased the common stock of the Company from August 8, 2007 through January 25, 2008 (the "Class Period").
For further information, please contact Roy L. Jacobs, Esq. toll-free at 1-888-884-4490 or by e-mail to rjacobs@jacobsclasslaw.com. You may also sign up at our website at www.jacobsclasslaw.com.
On January 24, 2008, following the close of trading, SunOpta announced that earnings for 2007 were impacted by material issues in the Company's fruit and bioprocess groups which led to significant write downs and provisions in the range of $12 to $14 million pre-tax. In addition, the Company was currently analyzing the impact of adjustments related to the SunOpta berry operations, including the potential impact on previously issued fiscal 2007 financial statements, which will likely result in the restatement of previous quarters' financial statements. In that regard, the Company determined that inventories within the SunOpta berry operations require a write-down to net realizable value, and that preliminary estimates indicate that the Company will take a charge in the range of $9 to $11 million relating to this issue and related items. The Company also announced that it is now assessing its internal controls and processes, and is implementing of a series of specific pricing and cost related actions to address potential causes of this issue. The Company's testing and analysis is ongoing and there can be no assurance that further adjustments will not be required.
As a result of the disclosure of this adverse news, which was completely unexpected, the market price of SunOpta shares declined over 34 percent on volume of over 6 million shares, wiping out millions of dollars of shareholder value. SunOpta's shares have continued to decline.
Plaintiff seeks to recover damages on behalf of all those who purchased or otherwise acquired SunOpta securities during the Class Period. If you purchased SunOpta securities during the Class Period, from August 8, 2007 through January 25, 2008, you may qualify to serve as Lead Plaintiff on behalf of the Class. All motions for appointment as Lead Plaintiff must be filed by March 28, 2008. If you wish to discuss this action or have any questions concerning this notice or your rights with respect to this matter, please contact Roy L. Jacobs. Mr. Jacobs will personally speak with you at no cost or obligation.
You may also join this action by visiting our website at www.jacobsclasslaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca.