On October 21, 2016, Supreme Industries announced that its third-quarter backlog of truck sales declined 22% from the third quarter 2015. On this news, Supreme Industries stock fell $4.28, or 23.83%, to close at $13.68 on October 21, 2016.
Later that same day, Cliffside Research initiated coverage of the stock 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." On this news, Supreme Industries stock fell $2.38, or 17.40%, to close at $11.30 on October 24, 2016, the next trading day.
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Robert S. Willoughby
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SOURCE Pomerantz LLP