SOURCE: Saxena White P.A.

November 20, 2008 16:05 ET

Saxena White P.A. Has Filed a Securities Fraud Class Action Suit Against Britannia Bulk Holdings Inc. in the Southern District of New York

BOCA RATON, FL--(Marketwire - November 20, 2008) - Notice is hereby given that Saxena White P.A. has filed suit on behalf of shareholders Britannia Bulk Holdings Inc. ("Britannia" or the "Company") (PINKSHEETS: BBLKF) formerly (NYSE: DWT) in the United States District Court for the Southern District of New York.

The complaint seeks damages for violations of federal securities laws on behalf of all investors who acquired Britannia Bulk Holdings Inc. common stock pursuant or traceable to the Company's Registration Statement and Prospectus (collectively, the "Registration Statement") issued in connection with its June 17, 2008 initial public offering ("IPO"). Britannia Bulk is an international provider of drybulk shipping and maritime logistics services with a focus on transporting drybulk commodities in and out of the Baltic region.

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 which clearly violated the Company's investment policy described in the Prospectus.

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 insolvency laws in the United Kingdom.

You may obtain a copy of the complaint by contacting Saxena White P.A. through its website www.saxenawhite.com, by emailing jwhite@saxenawhite.com or gstone@saxenawhite.com, or by calling (561) 394-3399.

If you acquired the common stock of Britannia Bulk Holdings Inc. you may wish to contact Joe White or Greg Stone at Saxena White P.A. to discuss your rights and interests:

If you wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the court no later than January 5, 2009. You may contact Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.

Saxena White P.A, which has offices in Boca Raton and Boston, specializes in prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.

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