Lead Plaintiff Deadline is January 3, 2017
NEW YORK, NY / ACCESSWIRE / December 2, 2016 / Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action has been commenced in the United States District Court for the Central District of California on behalf of purchasers of Supreme Industries, Inc.("Supreme Industries" or the "Company") (NYSE:STS) securities during the period July 22, 2016 through October 21, 2016, inclusive (the "Class Period").
Investors who have incurred losses in Supreme Industries, Inc. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may also review the filed complaint and obtain additional information concerning the action on our website, www.whafh.com.
If you purchased securities of Supreme Industries, Inc., you may, no later than January 3, 2017, request that the Court appoint you lead plaintiff of the proposed class.
The filed Complaint alleges that Defendants made materially false and/or misleading statements and/or failed to disclose that: 1) the backlog figure from the third quarter of 2015 was a result of the timing of several large orders placed in that quarter; 2) the backlog figure for the third quarter of 2016 would not be close to the backlog figure of the third quarter of 2015; and 3) as a result, Defendants' public statements about Supreme Industries' business, operations, and prospects were materially false and misleading at all relevant times.
During an October 23, 2015 earnings call, Supreme Industries indicated that "[a]s a result of the strong order activity, our order backlog at the end of the third quarter was $74.4 million, which is 47% higher as compared to the third quarter of 2014." Then on July 22, 2016, during the second quarter earning call, STS stated that third quarter 2016 backlog would "settle more towards" the third quarter 2015 results.
However, on October 21, 2016, Supreme Industries announced that its third quarter 2016 backlog of truck sales declined 22% from the third quarter 2015, and that the 2015 backlog was the result of "two large fleet replacement orders and the timing of an annual fleet account order received during the third quarter of last year." Shares of Supreme Industries have fallen from a recent high of $18.91 on October 12, 2016, to a close of $13.68 after the disclosure.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas, and offices in New York, Chicago, and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action, or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
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Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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SOURCE: Wolf Haldenstein Adler Freeman & Herz LLP
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