RADNOR, Pa., Nov. 19 /PRNewswire/ -- The following statement was issued today by the law firm of Barroway Topaz Kessler Meltzer & Check, LLP: Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf purchasers of the common stock of Britannia Bulk Holdings Inc. ("Britannia Bulk" or the "Company") (OTC:BBLKF), who purchased or otherwise acquired common stock pursuant or traceable to the Company's June 17, 2008 Initial Public Offering (the "IPO" or the "Offering"). 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 Barroway Topaz Kessler Meltzer & Check, LLP (Darren J. Check, Esq. or David M. Promisloff, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at . The Complaint charges Britannia Bulk and certain of its officers and directors with violations of the Securities Act of 1933. Britannia Bulk is an international provider of drybulk transportation services focusing on transporting drybulk commodities in the Baltic region. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company had not instituted or enforced protocols to prevent employees from buying forward freight agreements ("FFAs") that were not purchased to hedge identifiable cargo or ship positions; (2) that Company was exposed to considerable risk due to FFAs being used outside of their stated guidelines; (3) that the Company had failed to enter into proper fixed price contracts at a time when crude oil and bunker fuels were experiencing tremendous fluctuation; (4) that the Company lacked adequate internal and financial controls; and (5) that, as a result of the foregoing, the Company's Registration Statement was false and misleading at all relevant times. On or about June 17, 2008, the Company conducted its IPO. In connection with the IPO, the Company filed a Registration Statement and Prospectus (collectively referred to as the "Registration Statement") with the SEC. The IPO was a financial success for the Company and its underwriters, as they raised $125 million by selling over 8.33 million shares of the Company's common stock to investors at a price of $15.00 per share. However, on October 28, 2008 the Company announced that since July 2008, it had bought FFAs that appeared not to have been purchased to hedge identifiable ship or cargo positions. This was in stark contrast to their stated purpose in the Registration Statement that they were entered into "with an objective of economically hedging the risk of the fleet, specific vessels or freight commitments." This resulted in "the Company being more exposed to falling charter rates and reduced overall demand for dry bulk shipping services than it would have been if its historic practice of using FFAs as economic hedges had been followed." Then, on October 29, 2008, the Company announced that effectively immediately, its common shares would be suspended from trading on the New York Stock Exchange ("NYSE"). Finally, on October 31, 2008, the Company announced that its indirect wholly owned subsidiary, Britannia Bulk Plc, had been placed into administration under United Kingdom insolvency laws. In response to this news, shares of the Company's stock declined $1.63 per share, or 85.79 percent, to close on October 28, 2008 at $0.27 per share, on unusually heavy trading volume. This closing price on October 28, 2008 represented a cumulative loss of $14.73, or over 98 percent, of the value of the Company's shares at the time of its IPO just months prior. Thereafter, the value of the Company's shares continued to decline, trading as low as $0.01 per share. At the time this Complaint was filed, the Company's shares were trading for about $0.03 per share. Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Barroway Topaz Kessler Meltzer & Check which prosecutes class actions in both state and federal courts throughout the country. Barroway Topaz Kessler Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. For more information about Barroway Topaz Kessler Meltzer & Check or to sign up to participate in this action online, please visit http://www.btkmc.com/ If you are a member of the class described above, you may, not later than January 5, 2009, move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. CONTACT: Barroway Topaz Kessler Meltzer & Check, LLP Darren J. Check, Esq. David M. Promisloff, Esq. 280 King of Prussia Road Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706 Or by e-mail at DATASOURCE: Barroway Topaz Kessler Meltzer & Check, LLP CONTACT: Darren J. Check, Esq. or David M. Promisloff, Esq., +1-888-299-7706 or +1-610-667-7706, , both of Barroway Topaz Kessler Meltzer & Check, LLP Web site: http://www.sbtklaw.com/ http://www.btkmc.com/

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