LONDON, ON, Sept. 24 /CNW/ - The law firm of Siskinds LLP today announced the conditional settlement of a class action filed in the Ontario Superior Court of Justice in March 2008 against SunOpta Inc. and certain of SunOpta's senior officers. SunOpta has agreed to pay USD$11.25 million to resolve the claims of investors who purchased SunOpta securities between February 23, 2007 and January 27, 2008. The class action arose out of SunOpta's January 2008 announcement of significant write-downs related to its Fruit and BioProcess groups, and SunOpta's restatement of previously issued financial statements.
In addition to the payment of USD$11.25 million, SunOpta has agreed to adopt certain corporate governance enhancements. The settlement resolves both the action pending before the Ontario court and a parallel case pending in the United States.
"This is an excellent result for Class Members" said Michael Robb, a lawyer at Siskinds LLP who represented the plaintiff in the Ontario action. "This settlement provides substantial compensation to investors, as well as ongoing corporate governance enhancements from which current and future shareholders will benefit. It is a great example of the impact that a single retail investor can make simply by deciding to take action on behalf of a class of injured investors."
The settlement remains conditional on approval by the Ontario Court of Justice and the United States District Court for the Southern District of New York. The Settlement provides for the formal provision of notice to those affected by the Settlement under the supervision of the Courts. That notice will provide specific instructions as to how class members can file claims.
SOURCE Siskinds LLP
For further information: For further information: Michael G. Robb, Siskinds LLP, 680 Waterloo Street, London, ON N6A 3V8, Tel: (519) 660-7872, firstname.lastname@example.org