• Suprema Specialties files for bankruptcy

    Tags: Cheese

Suprema Specialties, a supplier of Italian cheeses to the pizza industry, has filed for Chapter 11 bankruptcy.

The company, headquartered in Paterson, New Jersey, is under investigation for misrepresenting its financial condition to investors. On Feb. 19, a class-action lawsuit was filed on behalf of investors who purchased Suprema stock between Aug. 8 and Dec. 21, 2001.

On Dec. 24, Suprema was told by NASDAQ that it would no longer allow trading of its stock until its financial matters were settled. In late February, NASDAQ told the company its common stock will be delisted on March 1.

Deloitte & Touche, which is conducting an audit of Suprema's books, hired Nightingale & Associates, LLC, to assist with reorganizing the company. Nightingale's Douglas Hopkins has stepped in as CEO and chief restructuring officer and replaced Suprema president and CEO, Mark Cocchiola. Hopkins is expected to remain in that position at least through the company's reorganization and investigation; Cocchiola will stay close at hand as board chairman and a full-time consultant.

In February government agents removed company records from Suprema's offices, and the company's own independent auditors resigned from the account.

Suprema's change of course no doubt has surprised many who thought its star was on the rise. Last year, it was touted as one of Fortune's top-100 fastest-growing companies, and was listed in Forbes' top 200 best small companies in the U.S.

Related Content

User Comments – Give us your opinion!
Products & Services

Restaurant Digital Signage Advertising Network

http://global.networldalliance.com/new/images/products/6691.png

6691/Restaurant-Digital-Signage-Advertising-Network

Granbury Websites

http://global.networldalliance.com/new/images/products/6815.png

6815/Granbury-Websites

Enterprise Solutions

http://global.networldalliance.com/new/images/products/4124.png

4124/Enterprise-Solutions

PeopleMatter HIRE™

http://global.networldalliance.com/new/images/products/4625.png

4625/PeopleMatter-HIRE

PeopleMatter SCHEDULE™

http://global.networldalliance.com/new/images/products/4628.png

4628/PeopleMatter-SCHEDULE

Distribution RFP’s & RFQ’s

http://global.networldalliance.com/new/images/products/6411.png

6411/Distribution-RFP-s-RFQ-s

Self Serve iPad Ordering

http://global.networldalliance.com/new/images/products/5605.png

5605/Self-Serve-iPad-Ordering

Free Menu Board Media Player Promotion

http://global.networldalliance.com/new/images/products/6675.png

6675/Free-Menu-Board-Media-Player-Promotion

See the latest in restaurant POS

http://global.networldalliance.com/new/images/products/1926.png

1926/See-the-latest-in-restaurant-POS

Call Center Ordering

http://global.networldalliance.com/new/images/products/5939.png

5939/Call-Center-Ordering

Fast Casual Executive Summit
Request Information From Suppliers
Save time looking for suppliers. Complete this form to submit a Request for Information to our entire network of partners.