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SunOpta, Inc. Summary: 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.
INDUSTRY CLASSIFICATION:
SIC Code: 5150
Sector: Consumer Non-Cyclical
Industry: Crops
| COMPANY/ISSUER NAME: | SunOpta, Inc. |
| COMPANY/ISSUER TICKER: | STKL |
| COMPANY WEBSITE: | http://www.sunopta.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Troy Arden Juliar, et al. v. SunOpta, Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint for Violations of Federal Securities Laws - Jury Trial Demanded | |||
| Type: Complaint | Date on the document: 01/28/2008 | ||
| OTHER DOCUMENTS | |||
| Class Action Complaint - Jury Trial Demanded | |||
| Case Name and/or Number: Stephen Strugala, et al. v. SunOpta, Inc., et al. | |||
| Type: Complaint | Date on the document: 02/01/2008 | ||
| Class Action Complaint for Violations of Federal Securities Laws - Jury Trial Demanded | |||
| Case Name and/or Number: Ray Foster, et al. v. SunOpta, Inc., et al. | |||
| Type: Complaint | Date on the document: 02/07/2008 | ||
| Class Action Complaint for Violations of Federal Securities Laws - Jury Trial Demanded | |||
| Case Name and/or Number: Roger Davidson, et al. v. SunOpta, Inc., et al. | |||
| Type: Complaint | Date on the document: 02/13/2008 | ||
| Class Action Complaint for Violations of Federal Securities Laws - Jury Trial Demanded | |||
| Case Name and/or Number: Marie Lorenzato, et al. v. SunOpta, Inc., et al. | |||
| Type: Complaint | Date on the document: 02/25/2008 | ||
| Class Action Complaint - Jury Trial Demanded | |||
| Case Name and/or Number: Robert Knox, et al. v. SunOpta, Inc., et al. | |||
| Type: Complaint | Date on the document: 02/29/2008 | ||
| Class Action Complaint - Jury Trial Demanded | |||
| Case Name and/or Number: Albert Halegoua, et al. v. SunOpta, Inc., et al. | |||
| Type: Complaint | Date on the document: 03/19/2008 | ||
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