NEWARK, N.J., Jan. 24, 2002 (PRIMEZONE) -- An investor sued Suprema Specialties, Inc. (Nasdaq:CHEZ) today, accusing the company of misleading the public about its financial results, Berman DeValerio Pease Tabacco Burt & Pucillo said.
The class action, which was filed in the U.S. District Court for New Jersey, seeks damages for violations of federal securities laws on behalf of all investors who bought Suprema stock from August 8, 2001 through December 21, 2001.
Berman DeValerio has represented investors in class actions for 20 years. To review the complaint and learn more about becoming a lead plaintiff, visit the firm's Website at www.bermanesq.com.
The complaint names Suprema and six top officers and directors as defendants, saying they inflated the company's stock price during the Class Period by issuing false and misleading statements about its finances.
According to the lawsuit, the deception began in August 2001 when company announced "record" results for the fourth quarter and year-end of 2001. In September 2001, the company filed statements with the U.S. Securities and Exchange Commission saying it was issuing 3.5 million shares of stock to the public. The complaint says that two of the individual defendants reaped more than $4.6 million from sales of their shares at that time. Then, in November 2001, Suprema again trumpeted its results for the first quarter of 2002, the complaint alleges.
But just one month later, the plaintiff says, news of the deception was revealed. In a December 24, 2001 statement, Suprema announced the resignation of its chief financial officer and controller and said it had begun an investigation into its past financial results. Nasdaq halted trading in Suprema shares the same day.
If you purchased Suprema common stock during the period August 8, 2001 through December 21, 2001, you may wish to contact the following attorneys at Berman DeValerio Pease Tabacco Burt & Pucillo to discuss your rights and interests:
Chauncey D. Steele IV, Esq. Michael G. Lange, Esq. One Liberty Square Boston, MA 02109 (800) 516-9926 law@bermanesq.com
You may also visit the firm's website at www.bermanesq.com. If you wish to apply to be lead plaintiff in this action, a motion must be filed on your behalf with the court no later than March 18, 2002. You may contact the attorneys at Berman DeValerio to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. To be a member of the class, however, you need not take any action at this time, and you may retain counsel of your own choice. If you decide to seek appointment as lead plaintiff, you may also retain counsel of your choice.
Berman DeValerio Pease Tabacco Burt & Pucillo (www.bermanesq.com) prosecutes class actions nationwide on behalf of institutions and individuals, chiefly victims of securities fraud, antitrust law violations and consumer fraud. The firm consists of 31 attorneys in Boston, San Francisco and West Palm Beach, Florida.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca