New York, NY: (Feb-15-08) A securities class action lawsuit was brought against TOP Ships and certain of its directors and officers in the United States District Court for the Southern District of New York. Sources close to the case stated that the company recently announced that it has filed for the Court's approval a settlement agreement with lead plaintiffs in the shareholders class action, resolving all claims against the company and its directors and officers.
Under the terms of the agreement, TOP Ships will make a payment of $1.2 million dollars to the plaintiffs. Attorney's fees for plaintiff's counsel, which have not been determined, will be paid out of this amount. The settlement will be funded entirely by the Company's Directors and Officers insurance carriers. The Company and its officers and directors will receive a complete release of all the remaining direct claims against them in the shareholder class action litigation. Many of the claims had already been dismissed voluntarily by the plaintiffs when they amended their complaint last fall after TOPS initially moved to dismiss. [
