NEW YORK, Feb. 13, 2002 (PRIMEZONE) -- The law firm of Milberg Weiss Bershad Hynes & Lerach LLP announces that a class action lawsuit was filed on January 23, 2002, on behalf of purchasers of the securities of Suprema Specialties Inc. ("Suprema" or the "Company") (Nasdaq:CHEZ) between August 8, 2001 and December 21, 2001 inclusive (the "Class Period'). A copy of the complaint filed in this action is available from the Court, or can be viewed on Milberg Weiss' website at: http://www.milberg.com/supremaspecialties/
The action is pending in the United States District Court for the District of New Jersey, located at the Martin Luther King Jr. Federal Courthouse, 50 Walnut St. Rm. 4015, Newark NJ 07102, against defendants Suprema, Mark Cocchiola (CEO and President) and Steven Venechanos (CFO).
The complaint charges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of materially false and misleading statements to the market between August 8, 2001 and December 21, 2001. During the Class Period, defendants issued quarterly and annual press releases, and filed reports with the Securities and Exchange Commission ("SEC") which favorably portrayed the Company's business and financial performance. The representations in the press release were, according to the allegations of the complaint, materially false and misleading because the Company was using questionable accounting practices in reporting its financial performance, which distorted its reported financial statements. On November 8, 2001, Suprema commenced a secondary offering of common stock, pursuant to a prospectus and registration statement filed with the SEC and containing allegedly misleading financial statements. In the secondary offering, the Company and defendants Cocchiola and Venechanos sold a total of 4,050,000 shares at a price of $12.75 per share. Subsequently, on December 21, 2001, only weeks after the secondary offering, Suprema issued a press release announcing that it is conducting an internal investigation into the Company's previously filed financial statements, and that defendant Venechanos has resigned from his position as Suprema's CFO. Immediately after this announcement, the Nasdaq Stock Market halted trading in Suprema common stock, pending its receipt of additional information on the matter. Suprema common stock has not resumed trading over the Nasdaq Stock Market.
If you bought the securities of Suprema between August 8, 2001 and December 21, 2001, you may, no later than March 18, 2002, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Milberg Weiss Bershad Hynes & Lerach LLP, or other counsel of your choice, to serve as your counsel in this action.
Milberg Weiss Bershad Hynes & Lerach LLP (http://www.milberg.com) is a 170-lawyer firm with offices in New York City, San Diego, San Francisco, Los Angeles, Boca Raton, Philadelphia and Seattle, and is active in major litigations pending in federal and state courts throughout the United States. Milberg Weiss has taken a leading role in many important actions on behalf of defrauded investors, consumers, and others, and has been responsible for more than $20 billion in aggregate recoveries. Please contact the Milberg Weiss website for more information about the firm. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following attorneys:
Steven G. Schulman or Samuel H. Rudman One Pennsylvania Plaza, 49th fl. New York, NY, 10119-0165
Phone number: (800) 320-5081 Email: supremaspecialtiescase@milbergNY.com Website: http://www.milberg.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca