NEW YORK, Feb. 14, 2002 (PRIMEZONE) -- Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com) has filed a class action lawsuit against Suprema Specialties, Inc. ("Suprema" or the "Company") (Nasdaq:CHEZ), the Company's Chairman, President, and Chief Executive Officer Mark Cocchiola, and the Company's Chief Financial Officer and Secretary Steve Venechanos ("Venechanos"), on behalf of all persons or entities who purchased the common stock of Suprema during the period between August 8, 2001 and December 21, 2001, inclusive (the "Class Period"). The case was filed in the United States District Court for the District of New Jersey.
The complaint alleges that Suprema, a manufacturer and seller of gourmet Italian cheese, and two of the Company's senior officials, violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by their manipulation of the Company's financial statements in which defendants misrepresented the Company's earnings and artificially inflated the Company's stock price by improper accounting practices.
In particular, it is alleged that during the Class Period, defendants issued press releases, and filed reports with the Securities and Exchange Commission ("SEC"), announcing quarter-to-quarter increases in the Company's revenues and earnings that often exceeded analysts' estimates and which favorably portrayed the Company's business and financial performance. These representations were, according to the allegations in the complaint, materially false and misleading because the Company was engaged in improper accounting practices which inflated the Company's revenues and earnings.
On December 21,2001, Suprema shocked the market when the Company announced i) that defendant Venechanos had resigned from his position as Suprema's CFO, and ii) that the Company had initiated an internal investigation into its previously filed financial statements and accounting practices. Immediately following this announcement, the Nasdaq Stock Market ("Nasdaq") halted trading on Suprema common stock and stated that trading would remain halted until Suprema fully complied with Nasdaq's request for information. Suprema common stock has not resumed trading over the Nasdaq.
If you purchased the common stock of Suprema Specialties during the Class Period, you have until March 18, 2002 to ask the Court to appoint you as lead plaintiff for the Class. In order to serve as lead plaintiff, you must meet certain legal requirements. If you wish to review a copy of the Complaint, to discuss this action or have any questions, please contact Andrew G. Tolan, Esq. of the Pomerantz firm at 888-476-6529 (or (888) 4-POMLAW), toll free, or at agtolan@pomlaw.com by e-mail. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Pomerantz firm, which has offices in New York and Chicago, 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 50 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.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca