NEW ORLEANS, Nov. 30, 2006 (PRIME NEWSWIRE) -- Kahn Gauthier Swick, LLC announces that it has commenced an investigation into Top Tankers, Inc. ("Top Tankers" or the "Company") (Nasdaq:TOPT) to determine whether it has violated federal securities laws by issuing false and misleading statements to its shareholders.
Today, Top Tankers announced that its auditors, Ernst & Young, resigned as the result of a disagreement over the accounting treatment of portions of the sale and leaseback of 13 vessels that closed in March and April 2006. The Company further announced that it will restate financial reports for the first and second quarters of 2006, reducing earnings by up to 2 cents per share and 9 cents per share for the respective quarters, and will make some balance sheet adjustments for those quarters.
As the result of this news, Top Tankers shares fell 14% today to a low of $5.04 per share.
If you purchased shares of Top Tankers, you are urged to contact Lewis Kahn, Managing Partner, KGS, toll free 1-866-467-1400, ext. 100, via cell phone at 504-301-7900, or by email at lewis.kahn@kglg.com to learn about your legal rights and KGS' ongoing investigation. For further information on KGS, please visit www.kglg.com.