Cases
Supreme Industries Inc. (NYSE : STS)
Securities Class Action
Overview
Overview
- Date:
- 10/31/2016
- Company Name:
- Supreme Industries, Inc.
- Stock Symbol:
- STS
- Status:
- Closed/Complete
NEW YORK, October 31, 2016 – Bragar Eagel & Squire, P.C. is investigating potential claims on behalf of Supreme Industries Inc. (NYSE: STS) stockholders concerning whether the company’s officers and board of directors violated the federal securities laws.
On October 21, 2016 the price of Supreme Industries shares plummeted by approximately 24% to close at $13.68 per share when the Company disclosed its third quarter backlog of truck sales declined 22% from third quarter 2015. After stating on an October 23, 2015 earnings conference call 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," STS represented on July 22, 2016 that third quarter 2016 backlog "would settle" similarly to the impressive third quarter 2015 results.
However, on October 21, 2016, management revealed for the first time that the large 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." On October 22, 2016, Cliffside Research published a report focusing on the unexpected third quarter backlog decline of 22% year-over-year and heavy insider selling during 2016. "Heavy insider selling in STS is a canary in the coalmine that should not be ignored," the note said.
If you acquired Supreme securities or continue to hold shares purchased, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
On October 21, 2016 the price of Supreme Industries shares plummeted by approximately 24% to close at $13.68 per share when the Company disclosed its third quarter backlog of truck sales declined 22% from third quarter 2015. After stating on an October 23, 2015 earnings conference call 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," STS represented on July 22, 2016 that third quarter 2016 backlog "would settle" similarly to the impressive third quarter 2015 results.
However, on October 21, 2016, management revealed for the first time that the large 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." On October 22, 2016, Cliffside Research published a report focusing on the unexpected third quarter backlog decline of 22% year-over-year and heavy insider selling during 2016. "Heavy insider selling in STS is a canary in the coalmine that should not be ignored," the note said.
If you acquired Supreme securities or continue to hold shares purchased, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.