BUSINESS NEWS: SunOpta Inc. Receives Canadian and U.S. Court Approval to Settle Previously Filed Class Actions

SunOpta Inc. Receives Canadian and U.S. Court Approval to Settle Previously Filed Class Actions

TORONTO (GLOBE NEWSWIRE) -- SunOpta Inc. ("SunOpta" or the "Company") (Nasdaq:STKL) (TSX:SOY) today announced that both the Ontario Superior Court of Justice and the United States District Court for the Southern District of New York have approved its agreement to settle all claims raised in class action proceedings previously announced arising from the Company's restatement of interim financial results for the first three quarters of 2007 (the "Class Actions"). The Class Actions were filed against the Company and other named defendants on behalf of shareholders who purchased or otherwise acquired SunOpta securities from February 23, 2007 to January 27, 2008 inclusive ("Class Members"). The settlement is expected to become effective on June 17, 2010, upon the expiry of the period for filing any appeals.

In return for the dismissal of the Class Actions and releases from Class Members of settled claims against the Company and the remaining named defendants, the settlement agreement provides for a total cash contribution of US $11.25 million (funded entirely by the Company's insurer) to a settlement fund and the adoption of certain corporate governance enhancements by the Company. The corporate governance enhancements include certain amendments to the Company's Audit Committee Charter and Internal Audit Charter and the adoption of an enhanced Information Technology Conversion Policy.

The settlement agreement contains no admission of wrongdoing by SunOpta or any of the other named defendants and the Company and the other named defendants expressly deny any liability or wrongdoing in the agreement.

SOURCE: SunOpta Press Release