LOS ANGELES, Jan. 2, 2007 (PRIME NEWSWIRE) -- Glancy Binkow & Goldberg LLP announces a February 9, 2007, deadline to move to be a lead plaintiff in the securities class action lawsuit filed on behalf of shareholders who purchased or otherwise acquired the common stock of TOP Tankers, Inc. ("TOP Tankers" or the "Company") (Nasdaq:TOPT) between June 28, 2005 and November 28, 2006, inclusive (the "Class Period"). The shareholder lawsuit is pending in the United States District Court for the Southern District of New York. A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges TOP Tankers and certain of the Company's executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and dissemination of materially false and misleading statements concerning TOP Tankers' business and financial performance caused the Company's stock price to become artificially inflated, inflicting damages on investors. TOP Tankers is an international provider of seaborne crude-oil and petroleum-products transportation services. The Complaint alleges that during the Class Period defendants failed to disclose and misrepresented material adverse facts which were known to defendants or recklessly disregarded by them, including that: (1) the Company improperly accounted for certain sale and leaseback transactions involving ships during the Class Period; (2) specifically, the Company recognized certain gains from these transactions before receipt of payment; (3) the Company's financial statements were in violation of Generally Accepted Accounting Principles; (4) the Company lacked adequate internal controls; and (5) as a consequence of the foregoing, the Company's financial results were materially overstated at all relevant times.
On November 29, 2006, before the market opened, TOP Tankers disclosed that Ernst & Young LLP had resigned as the Company's independent auditors over a disagreement between the Company and Ernst & Young related to the accounting treatment of certain aspects of the sale and leaseback of thirteen vessels that closed in March and April 2006. The Company also reported that it would restate its interim unaudited financial statements for the first and second quarters of 2006. As a result of this news, shares of TOP Tankers stock dropped $0.82 per share, or 14 percent, to close on November 29, 2006, at $5.04, on unusually heavy trading volume.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than February 9, 2007, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca.