Top Ships To Pay $1M To Settle Securities Class Action

Law360, New York (July 25, 2008, 12:00 AM EDT) -- Greek oil-shipping company Top Ships Inc. has agreed to pay $1.2 million to settle claims of accounting fraud in a putative securities class action filed by the company's shareholders.

In a motion filed July 23 in the U.S. District Court for the Southern District of New York, lead plaintiff Joseph A. DeShayes Jr. asked the court for final approval of a proposed agreement between the class and Top Ships, formerly known as Top Tankers Inc., that would settle claims that the defendants engaged in accounting fraud....
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