NEW YORK, Oct. 27, 2016 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Supreme Industries, Inc. ("Supreme Industries" or the "Company") (NYSE: STS) (ISIN: US8686071023). Investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Supreme Industries and certain of its officers and/or directors have violated the federal securities laws.
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.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP