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Supreme Industries Inc (NYSEMKT: STS) Investor Securities Class Action Lawsuit 11/04/2016

  • If you purchased shares of Supreme Industries Inc (NYSEMKT: STS), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
Supreme Industries, Inc.
Security
NYSEMKT: STS

Case Name
Supreme Industries Shareholder Class Action Lawsuit 11/04/2016
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of Indiana

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

September 24, 2019 - The Court of Appeals affirmed the court's decision. The case was dismissed.

April 29, 2019 - A notice of appeal was filed.

March 29, 2019 - The court granted the defendants' motion to dismiss.

August 24, 2018 - A motion to dismiss the amended complaint was filed.

July 13, 2018 - A second amended complaint was filed.

May 23, 2018 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

June 8, 2017 - A motion to dismiss the amended complaint was filed.

April 24, 2017 - An amended complaint was filed.

February 13, 2017 - The case was transferred to the U.S. District Court for the Northern District of Indiana.

November 4, 2016 - An investor in shares of Supreme Industries Inc (NYSEMKT: STS) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Supreme Industries Inc in connection with certain allegedly false and misleading statements made between July 22, 2016 and October 21, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Supreme Industries Inc (NYSEMKT: STS) common shares between July 22, 2016 and October 21, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between July 22, 2016 and October 21, 2016 the defendants made false and/or misleading statements and/or 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, that the backlog figure for the third quarter of 2016 would not be close to the backlog figure of the third quarter of 2015, and that as a result, defendants’ public statements about Supreme Industries Inc’s business, operations and prospects were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damage.

Supreme Industries Inc reported that its annual Total Revenue rose from $236.31 million in 2014 to $278.42 million in 2015 and that its Net Income increased from $6.90 million in 2014 to $12.88 million in 2015. Shares of Supreme Industries Inc (NYSEMKT: STS) grew from $5.40 per share in February 2016 to as high as $19.73 per share in September 2016.

On October 21, 2016, Supreme Industries Inc announced that its third-quarter backlog of truck sales declined 22% from the third quarter 2015. Later that same day, Cliffside Research initiated coverage of the stock of Supreme Industries, Inc. with a Strong Sell rating, stating that the part is over for both the company and the market of light- to medium-duty trucks that it serves, and asserting that [h]eavy insider trading in [Supreme Industries] is a canary in the coal mine that should not be ignored.