PHILADELPHIA, Feb. 19, 2002 (PRIMEZONE) -- The law firm of Berger & Montague, P.C., (http://www.bm.net) filed a class action suit on behalf of an investor against Suprema Specialties, Inc. ("Suprema" or the "Company") (Nasdaq:CHEZ) and its principal officers and directors in the United States District Court for the District of New Jersey on behalf of all persons or entities who purchased Suprema Specialties, Inc. securities during the period from August 15, 2001 through and including December 21, 2001, inclusive (the "Class Period").
The Complaint charges defendants with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Additionally the Complaint alleges a violation of Section 11 of the Securities Act of 1933, on behalf of those investors who purchased Suprema stock pursuant to the Company's Secondary Offering of November 8, 2001. The complaint alleges, among other things that throughout the Class Period defendants knowingly or recklessly disseminated materially false and misleading statements regarding the Company's financial condition. On December 21, 2001 the Company announced the resignation of defendant Venechanos, the Company's CFO and disclosed that it had launched an investigation into the Company's prior reported financial results. In response to this report the NASDAQ halted trading of Suprema stock.
The following statements, among others, are alleged to have been materially deceptive: August 15, 2001, press release announcing Suprema's 2001 year end financial results; 2001 Form 10-K filed with the SEC on September 28, 2001; Suprema's registration statement filed with the SEC on November 6, 2001 for the public offering of over 4 million shares of stock at $12.75 of which 500,000 shares were sold by, among others, defendants Cocchiola and Venechanos; Suprema's Form 10-Q for its first quarter ended September 30, 2001. In each of its SEC filing, the Company assured the public that its financials were in conformity with GAAP. The complaint alleges that Suprema's financial statements were not in conformity with GAAP and that defendants' misrepresentations caused the price of Suprema common stock to be artificially inflated throughout the Class Period.
If you purchased Suprema Specialties, Inc. securities during the period from August 15, 2001 to December 21, 2001, inclusive, you may, no later than March 18, 2001, move to be appointed 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.
The law firm of Berger & Montague, P.C. has more than 50 attorneys, all of whom represent plaintiffs in complex litigation. The Berger firm has extensive experience representing plaintiffs in class action securities litigation and has played lead roles in major cases over
the past 25 years which have resulted in recoveries of several billion dollars to investors. The firm is currently representing investors as lead counsel in actions against Rite Aid, Sotheby's, Waste Management, Inc., Sunbeam, Boston Chicken and IKON Office Solutions, Inc. The standing of Berger & Montague, P.C. in successfully conducting major securities and antitrust litigation has been recognized by numerous courts. For example: "Class counsel did a remarkable job in representing the class interests." In Re: IKON Offices Solutions Securities Litigation. Civil Action No. 98-4286(E.D.Pa.) (partial settlement for $111 million approved May, 2000).
"...(Y)ou have acted the way lawyers at their best ought to act. And I have had a lot of cases...in 15 years now as a judge and I cannot recall a significant case where I felt people were better represented than they are here ... I would say this has been the best representation that I have seen." In Re: Waste Management, Inc. Securities Litigation, Civil Action No. 97-C 7709 (N.D. Ill.) (settled in 1999 for $220 million).
If you purchased Suprema Specialties, Inc. securities during the Class Period, or have any questions concerning this notice or your rights with respect to this matter, please contact: Sherrie R. Savett, Esquire Douglas M. Risen, Esquire Kimberly A. Walker, Investor Relations Manager Berger & Montague, P.C. 1622 Locust Street Philadelphia, PA 19103 Phone: 888-891-2289 or 215-875-3000 Fax: 215-875-5715 Website: http://www.bm.net e-mail: InvestorProtect@bm.net
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca