ATLANTA, Feb. 18, 2002 (PRIMEZONE) -- Holzer & Holzer announced today that a class action has been filed in the United States District Court for the District of New Jersey on behalf of purchasers of Suprema Specialties Inc. (Nasdaq:CHEZ) ("Suprema" or the "Company") publicly traded securities during the period between August 8, 2001 and December 21, 2001, inclusive (the "Class Period"). A copy of the complaint filed is available from the Court or by contacting Holzer & Holzer (toll-free) at (888) 508-6832 or by sending an e-mail to michaelfisteljr@msn.com.
The complaint alleges that Suprema, Mark Cocchiola (CEO and President) ("Cocchiola") and Steven Venechanos (CFO) ("Venechanos") issued a series of material misrepresentations to the market during the Class Period, thereby artificially inflating the price of Suprema publicly traded securities. The Complaint alleges that 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. The Complaint alleges that 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. The Complaint further alleges that in the secondary offering, the Company, individual defendants Cocchiola and Venechanos, and others, sold a total of 4,050,000 shares at a price of $12.75 per share. The Complaint alleges that subsequently, on December 21, 2001, 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 Complaint alleges, 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 purchased securities in Suprema during the Class Period set forth above, you may, no later than March 18, 2002, move the Court to serve as a lead plaintiff in the action. In order to serve as a lead plaintiff, however, you must meet certain legal requirements. If you have any questions about your rights with respect to this lawsuit, you may contact Holzer & Holzer, Michael I. Fistel, Jr., Esq. (toll-free) at (888) 508-6832, or inquire via e-mail to michaelfisteljr@msn.com.
Holzer & Holzer has substantial experience representing investors in securities fraud class action lawsuits such as this. Holzer & Holzer is located in Atlanta, Ga. but represents investors in securities class action lawsuits throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call the Firm.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca