Oil Shipping Co. Hit With Class Actions

Law360, New York (February 5, 2007, 12:00 AM EST) -- Several investors are seeking lead plaintiff status in a shareholder class action brought against Greece-based oil shipping company Top Tankers Inc. over alleged accounting fraud.

Seven suits, all filed in the U.S. District Court for the Southern District of New York, accuse Top Tankers and its top executives of omitting key financial data in order to boost the company’s stock price.

Questions about the shipping company’s accounting practices emerged when the company announced in June 2006 that the U.S. Securities and Exchange Commission was investigating the...
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