or contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing STS@hbsslaw.com.
On July 22, 2016 Supreme Industries explained that its 2016 third quarter order backlog "is going to settle more towards the way it looked Q3 last year."
However, on October 21, 2016, the Company announced the backlog "was $58.1 million, which was down from the $74.4 million in order backlog at the end of last year's same quarter." This news drove the price of Supreme Industries shares down by nearly 24% to close at $13.68 per share that day.
Supreme Industries' share price fell another 17% on October 24, 2016 in response to Cliffside Research's report highlighting heavy insider selling leading up to disclosures of the Q3 backlog weakness: "Heavy insider selling in STS is a canary in the coalmine that should not be ignored."
"The insider trading strongly suggests STS management knew the Q3 2016 backlog would be significantly lower than reported for Q3 2015," said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Supreme Industries should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email STS@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. Read the Firm's Securities Newsletter, and visit the blog. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 510-725-3000
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SOURCE Hagens Berman Sobol Shapiro LLP