| Company: | Britannia Bulk Holdings, Inc |
| Ticker Symbol: | BBLKF |
| Class Period: | Jun-17-08 to Nov-5-08 |
| Date Filed: | Nov-6-08 |
| Lead Plaintiff Deadline: | Jan-5-09 |
| Court: | Southern District of New York |
| Allegations: | |
The Complaint charges that Britannia Bulk and certain of its officers, directors and underwriters violated federal securities laws. Specifically, the Company's Registration Statement and Prospectus (collectively, the "Registration Statement") issued in connection with its IPO failed to disclose problems in the Company's activities in the forward freight agreements ("FFAs") market. 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 for work Britannia Bulk's ships engaged in. However, in fact, FFAs were used outside of these guidelines, exposing the Company to significant risks. Moreover, the Company had not entered into appropriate fixed price contracts given the dramatic fluctuation in crude oil and bunker fuels.
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.
