SOURCE: Shalov Stone Bonner & Rocco LLP

November 21, 2008 14:51 ET

Investor Alert: Shalov Stone Bonner & Rocco LLP Announces That Securities Class Action Will Continue Despite Bankruptcy Filing by Britannia Bulk Holdings, Inc.

NEW YORK, NY--(Marketwire - November 21, 2008) - Earlier this month, Shalov Stone Bonner & Rocco LLP filed a securities class action lawsuit against Britannia Bulk Holdings, Inc. (PINKSHEETS: BBLKF), and certain of its directors, underwriters, and executive officers, on behalf of purchasers of the company's common stock issued in its initial public offering. If you purchased Britannia stock on or before October 28, 2008, you may be eligible to participate in the class action.

Recently, Britannia filed a Chapter 15 petition with the United States Bankruptcy Court for the Southern District of New York. In connection with its petition, Britannia asked the Bankruptcy Court to stay all judicial proceedings brought against it. Shalov Stone Bonner & Rocco LLP anticipates that Britannia will be dropped as a defendant from the securities class action and that the litigation will continue against the company's directors, underwriters, and executive officers.

The Britannia lawsuit filed by Shalov Stone Bonner & Rocco LLP alleges, among other things, that the defendants made material misstatements or omissions in Britannia's prospectus and registration statement for the company's initial public offering filed with the Securities and Exchange Commission. The alleged misstatements and omissions relate to the company's use of "chartered-in capacity," forward freight agreements, and naked bunker fuel hedges. The lawsuit is pending in the United States District Court for the Southern District of New York.

If you purchased shares of Britannia on or before October 28, 2008, and would like to join the lawsuit at this time, you are encouraged to contact Shalov Stone Bonner & Rocco LLP, which has extensive experience in the prosecution of class actions on behalf of investors. For more information about the firm and the Britannia litigation, investors are encouraged to visit: www.britanniaclassaction.com

To learn more, please contact Ralph M. Stone or Thomas G. Ciarlone, Jr., at Shalov Stone Bonner & Rocco LLP, 485 Seventh Avenue, Suite 1000, New York, New York 10018 (telephone: (212) 239-4340; e-mail: rstone@lawssb.com, tciarlone@lawssb.com).

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