Not necessarily. The "Class" designation refers to the minimum sustained WRITE speed of the card, in megabytes. So a Class 4 card can sustain at least 4 megabytes per second. But that doesn't necessarily mean that the read speed will be the same, or higher, etc.
Typically write speeds are slower than read speeds so yes, the higher the classification of write speed, the higher the read speed too. However, it's informational to note that up until now, Class 6 has been the highest recognized standard. So if a card was capable of writing 60 megabytes per second (10x faster than Class 6), it would still be rated "Class 6". So Panasonic is saying that the SDHC association has approved a new Class 10 rating, and these new cards will meet that. I guess they are faster than the old cards, the press release seems to read that way.