TAKE A LOOK AT WHICH REPORT YOUR PORTFOLIO'S BEEN MISSING...

Shareholders Foundation offers real-time reporting of class action exposure on a per transaction basis,
including the documents you will need for claim filing and settlement recovery.
Start Monitoring Your Investments

Britannia Bulk Holdings Inc (OTC: BBLKF) Investor Securities Class Action Lawsuit 11/06/2008

  • If you purchased shares of Britannia Bulk Holdings Inc (NYSE: BBLKF), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
Britannia Bulk Holdings
Security
OTC: BBLKF

Case Name
Britannia Bulk Holdings Shareholder Class Action Lawsuit 11/06/2008
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
You must register or login to receive notifications.

Click here to subscribe to Britannia Bulk Holdings.
Summary

February 9, 2010 - The court denied the plaintiff's motion to reopen the case.
December 30, 2009 - The plaintiff filed a motion to reopen the case.

December 21, 2009 - The court ordered the case dismissed.

November 20, 2009 - The lead plaintiff filed a notice of voluntary dismissal.

November 20, 2008 - Another investor also filed a complaint.

November 7, 2008 - Another investor filed a complaint.

October 19, 2009 - The court granted the defendants' motion to dismiss with the exception of one section.

June 12, 2009 - Defendants filed a motion to dismiss.

May 1, 2009 - The lead plaintiff filed an amended consolidated complaint.

February 18, 2009 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.

January 5, 2009 - Lead plaintiff motions were filed.

November 6, 2008 - An investor in shares of Britannia Bulk Holdings Inc (NYSE: BBLKF) filed a lawsuit in the U.S. District Court for the Southern District of New York against Britannia Bulk Holdings Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between June 17, 2008 and October 28, 2008.

According to the complaint the plaintiff charges Britannia Bulk Holdings Inc (NYSE: BBLKF) and certain of its officers and directors and its underwriters with violations of the Securities Act of 1933. The complaint alleges that between June 17, 2008 and October 28, 2008 defendant issued materially false and misleading statements regarding Britannia Bulk Holdings Inc's business and financial results.

Britannia Bulk Holdings Inc (NYSE: BBLKF) 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 and in its first day of trading, Britannia Bulk Holdings Inc (NYSE: BBLKF) stock closed at $13.85 per share. But then, on October 28, 2008, Britannia Bulk issued a press release announcing that Britannia Bulk Holdings Inc expected a significant net loss for the third quarter of 2008 compared to the net income achieved during the second quarter of 2008 and the loss was due to problems with hedges Britannia Bulk Holdings Inc had entered into earlier in the year, so the lawsuit. The stockholder alleges that in addition Britannia Bulk Holdings Inc (NYSE: BBLKF) announced it would not pay a dividend on its common shares for the quarter ended September 30, 2008, or for the foreseeable future and as a result of these news Britannia Bulk Holdings Inc’s (NYSE: BBLKF) stock collapsed to $0.16 per share. In addition so the lawsuit, the following day Britannia Bulk Holdings Inc 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 and that this would ultimately result in the subsidiary being placed into administration under UK insolvency laws.