| Company: | TOP Tankers, Inc. |
| Ticker Symbol: | NASD: TOPT |
| Class Period: | June 28, 2005 to November 28, 2006 |
| Date Filed: | Dec-11-06 |
| Lead Plaintiff Deadline: | Feb-10-07 |
| Court: | Southern District, NY |
| Allegations: |
A class action lawsuit has been filed in the United States District Court for the Southern District of New York, on behalf of shareholders who purchased, exchanged or otherwise acquired the common stock of TOP Tankers, Inc. ("TOP" or the "Company'') (NASDAQ: TOPT) between June 28, 2005 and November 28, 2006 (the "Class Period").
TOP and certain of its officers and directors are charged with issuing a series of materially false and misleading statements in violation of Section 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder. On November 29, 2006, TOP shocked investors after it announced that Ernst & Young, LLP, the Company's independent auditors, had resigned over a disagreement related to its accounting for certain sale and lease back transactions, and that it would be forced to restate its interim financial for the entire half of 2006. The revelation of this news caused shares of TOP to fall almost 15% in the single trading day, to close just above $5.00 per share.
The Complaint alleges that TOP materially misrepresented and failed to disclose conditions that adversely affected the Company throughout the Class Period in order to: (1) artificially inflate the price of Company shares by deceiving shareholders concerning TOP's business, operations, management and the intrinsic value of TOP common stock; (2) register for sale with the SEC, millions of shares of TOP stock, and to provide shareholders with a massive $7.50 dividend per share -- almost $40 million of which was paid to defendants and their families; (3) permit Kingdom Holdings, an entity owned by the family of defendant Evangelos Pistiolis, to liquidate almost 900,000 Company shares during the Class Period while in possession of material adverse information about the Company.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
TOP and certain of its officers and directors are charged with issuing a series of materially false and misleading statements in violation of Section 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder. On November 29, 2006, TOP shocked investors after it announced that Ernst & Young, LLP, the Company's independent auditors, had resigned over a disagreement related to its accounting for certain sale and lease back transactions, and that it would be forced to restate its interim financial for the entire half of 2006. The revelation of this news caused shares of TOP to fall almost 15% in the single trading day, to close just above $5.00 per share.
The Complaint alleges that TOP materially misrepresented and failed to disclose conditions that adversely affected the Company throughout the Class Period in order to: (1) artificially inflate the price of Company shares by deceiving shareholders concerning TOP's business, operations, management and the intrinsic value of TOP common stock; (2) register for sale with the SEC, millions of shares of TOP stock, and to provide shareholders with a massive $7.50 dividend per share -- almost $40 million of which was paid to defendants and their families; (3) permit Kingdom Holdings, an entity owned by the family of defendant Evangelos Pistiolis, to liquidate almost 900,000 Company shares during the Class Period while in possession of material adverse information about the Company.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
