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Case Status:    DISMISSED    
On or around 02/09/2010 (Notice of voluntarily dismissal)

Filing Date: November 06, 2008

According to a press release dated November 6, 2008, on June 17, 2008, Britannia Bulk accomplished its IPO of 8.3 million shares at $15.00 per share for net proceeds of $116.2 million, pursuant to the Registration Statement. In its first day of trading, Britannia Bulk stock closed at $13.85 per share. Then, on October 28, 2008, Britannia Bulk issued a press release announcing that the Company expected a significant net loss for the third quarter of 2008 compared to the net income achieved during the second quarter of 2008. The loss was due to problems with hedges the Company had entered into earlier in the year. In addition, the Company announced it would not pay a dividend on its common shares for the quarter ended September 30, 2008, or for the foreseeable future.

Following this disclosure, the Company’s stock collapsed to $0.16 per share. The following day, the Company disclosed that it had been notified by its lenders that they were accelerating all of its subsidiary’s obligations under a $170 million lending facility. This would ultimately result in the subsidiary being placed into administration under U.K. insolvency laws.

According to the complaint, the Registration Statement failed to disclose the problems in the Company’s activities 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 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.

On February 18, 2009 the court ordered related cases to be consolidated and appointed lead plaintiff and lead counsel. A Consolidated Complaint is to be filed by April 17, 2009.

On October 19, 2009, an opinion and order were entered regarding the Defendants' June 12, 2009 motions to dismiss the Complaint were granted except for the
Section 15 claims against two of the individual defendants. It was also thereby ordered that the Plaintiff shall show cause in writing by November 20, 2009, why his remaining Section 11 claim against Britannia and Section 15 claims against two of the individual defendants should not be voluntarily dismissed.

On November 20, 2009, a Notice Of Voluntary Dismissal Pursuant to Rule 41(a)(1)(A)(i) of the Federal Rules of Civil Procedure was filed with the court.

On December 17, 2009, an order by the Court that the Clerk shall close this case as well as all cases with which it has been consolidated.

On February 09, 2010, the plaintiffs motion to reopen the case was denied.

COMPANY INFORMATION:

Sector: Transportation
Industry: Water Transportation
Headquarters: United Kingdom

SECURITIES INFORMATION:

Ticker Symbol: BBLKF
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 08-CV-09554
JUDGE: Hon. Denise L. Cote
DATE FILED: 11/06/2008
CLASS PERIOD START: 06/17/2008
CLASS PERIOD END: 10/28/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    58 South Service Road, Suite 200, Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@csgrr.com/
  2. Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
    655 West Broadway, Suite 1900, Coughlin Stoia Geller Rudman & Robbins LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 · info@csgrr.com/
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 08-CV-09554
JUDGE: Hon. Denise L. Cote
DATE FILED: 05/01/2009
CLASS PERIOD START: 06/17/2008
CLASS PERIOD END: 10/28/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Barroway Topaz Kessler Meltzer & Check, LLP (Radnor)
    280 King of Prussia Road, Barroway Topaz Kessler Meltzer & Check, LLP (Radnor), PA 19087
    610.667.7706 610.667.7706 · info@btkmc.com
No Document Title Filing Date
No Document Title Filing Date