PHILADELPHIA, Nov. 11, 2008 (GLOBE NEWSWIRE) -- The law firm of Spector, Roseman Kodroff & Willis P.C. announces that a class action lawsuit was commenced in the United States District Court for the Southern District of New York on behalf of the purchasers of common stock of Britannia Bulk Holdings Inc. ("Britannia") (Pink Sheets:BBLKF) pursuant to or traceable to the Company's Registration Statement and Prospectus (collectively, the "Registration Statement") issued in connection with the June 17, 2008 initial public offering ("IPO" or the "Offering").
The complaint alleges that the Registration Statements contained materially false and misleading statements in violation of the Securities Act of 1933. Specifically, the Registration Statement failed to properly disclose the problems the Company was experiencing in the forward freight agreements ("FFAs") market. Specifically, the Registration Statement concealed that the Company failed to institute and enforce controls that would prevent Company personnel from buying FFAs not purchased to hedge identifiable ship or cargo positions. FFAs were represented to only be used as a hedge. However, the FFAs were used outside of these guidelines, exposing the Company to significant risks.
If you wish to serve as Lead Plaintiff, you must move to be appointed by January 5, 2009. A Lead Plaintiff is a representative, chosen by the Court, which acts on behalf of other class members in directing the litigation. The Private Securities Litigation Reform Act of 1995 directs Courts to assume that the class member(s) with the "largest financial interest" in the outcome of the case will best serve the class in this capacity. Courts have discretion in determining which class member(s) have the "largest financial interest," and have appointed Lead Plaintiffs with substantial losses in both absolute terms and as a percentage of their net worth.
If you have sustained substantial losses in Britannia securities, please contact Spector, Roseman Kodroff & Willis, P.C. at classaction@srkw-law.com for a more thorough explanation of the Lead Plaintiff selection process. If you have relatively small losses, your ability to participate in any recovery will be protected by the Lead Plaintiff(s), and you need take no affirmative steps at this time. If you wish to join this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel Robert M. Roseman or David Felderman toll-free at 888-844-5862 or e-mail at classaction@srkw-law.com. For more detailed information about the firm please visit its website at http://www.srkw-law.com.
Spector, Roseman Kodroff & Willis, P.C., with offices in Philadelphia, Pennsylvania and Washington, D.C., concentrates its practice in complex litigation including actions dealing with securities laws, antitrust, contract and commercial claims. The firm is active in major litigation pending in federal and state courts throughout the United States. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm as lead counsel in numerous major class actions involving violations of the federal securities laws and the federal antitrust laws, and consumer fraud. As a result of the efforts of the firm, and its members, hundreds of millions of dollars have been recovered through judgments and settlements on behalf of thousands of defrauded shareholders and companies.
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