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SAN FRANCISCO, Nov. 28, 2016 -- Hagens Berman Sobol Shapiro LLP reminds investors in Supreme Industries Inc. (NYSE:STS) of the securities class action lawsuit filed in the U.S. District Court for the Central District of California and January 3, 2017 Lead Plaintiff deadline.
If you purchased or otherwise acquired securities of Supreme Industries between July 22, 2016 and October 21, 2016 and suffered over $50,000 in losses, or have relevant information to the investigation, contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/STS
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing [email protected].
On July 22, 2016 Supreme Industries explained that their order backlog for the third quarter of 2016 “is going to settle more towards the way it looked Q3 last year.”
However, on October 21, 2016, the Company announced the order backlog “was $58.1 million, which was down from the $74.4 million in order backlog at the end of last year’s same quarter.” This news drove the price of Supreme Industries shares down by nearly 24% to close at $13.68 per share that day.
The price of Supreme Industries’ shares fell another 17% on October 24, 2016 in response to Cliffside Research’s report highlighting heavy insider selling leading up to disclosures of the Q3 backlog weakness: “Heavy insider selling in STS is a canary in the coalmine that should not be ignored.”
“STS management knew Q3 2015 backlog was highly unusual and would not be repeated,” said Hagens Berman partner Reed Kathrein. “Insider trading calls this out.”
Whistleblowers: Persons with non-public information regarding Supreme Industries should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email [email protected].
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. Read the Firm’s Securities Newsletter, and visit the blog. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact: Reed Kathrein, 510-725-3000
