NEW YORK, Nov. 18, 2016 (GLOBE NEWSWIRE) -- Safirstein Metcalf LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of purchasers of Supreme Industries, Inc. (“Supreme” or the “Company”) (NYSE: STS ) securities from July 22, 2016 and October 21, 2016, inclusive (the "Class Period").
If you purchased Supreme securities during the Class Period, you may, no later than January 3, 2017, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of all class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you would like more information about getting involved in the Supreme Securities Class Action, please contact Sheila Feerick at 1-800-221-0015, or email info@SafirsteinMetcalf.com .
According to the complaint, on July 22, 2016, Supreme officials discussed the company's earnings for the second quarter of 2016 in a conference call. Matthew W. Long, the company's Chief Financial Officer stated, "the backlog is going to settle more towards the way it looked Q3 last year." The complaint alleges, however, that the statement was misleading because it failed to disclose that the backlog figure from the third quarter of 2015 was a result of the timing of several large orders placed in that quarter, and the backlog figure for the third quarter of 2016 would not be close to the backlog figure of the third quarter of 2015.
On October 21, 2016, Supreme issued a press release announcing that at the end of Q3 2016, order backlog was $58.1 million, down from the $74.4 million in order backlog at the end of Q3 2015. On the same day, the company held a conference call during which it discussed the decline in backlog, stating, "The lower backlog comparison is due to two large fleet replacement orders and the timing of an annual fleet account order received during the third quarter of last year." Later that day, Cliffside Research published a report noting heavy selling activity in 2016 by Supreme insiders with knowledge of the company's struggling business. On this news, Supreme stock fell $2.38 per share, or over 17%, to close at $11.30 per share on October 24, 2016.
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