In Re Suprema Specialties, Inc. Securities Litigation

OPINION OF THE COURT

SLOVITER, Circuit Judge.

Table of Contents

I.A. . The Rise and Fall of Suprema DO

B. The Secondary Offerings. CO

C. Procedural History. DO

II.A. Section 11 and Section 12(a)(2) Claims.269

B. Section 10(b) Claims.275

1. The Officers.277

a) Motive and Opportunity.277

b) Circumstantial Evidence of Misconduct.278

2. The Auditor.279

3. The Outside Directors.281

■4. The 2000 and 2001 Underwriters.282

C. Section 18 Claims.283

D. Section 15 and Section 20(a) Claims .284

E. Pendent State law claims.286

III.Conclusion .286

At the center of this securities fraud action is Suprema Specialties, Inc.…