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TOP Tankers, Inc. (NASDAQ: TOPT), a Greek shipping company,
provides worldwide seaborne transportation services, carrying
refined petroleum products and crude oil worldwide. On
November 29, 2006, before the opening of the market, the
Company announced some rather unpleasant news for its investors.
First, the Company disclosed that Ernst & Young had resigned as
the Company's independent auditor. Second, the Company
announced that it will restate its interim unaudited financial
statements for the first and second quarters of 2006, in accordance
with E&Y's recommendations. It appears that the restatement
relates to possible improper accounting treatment of “certain
aspects of the sale and leaseback of thirteen vessels that closed
in March and April 2006.”
Not surprisingly, the market reacted very negatively to this news.
It appears that investors who purchased TOPT between
March 13, 2002 and November 29, 2006, are affected.
Good News For Recent Power Integrations (POWI) Investors
At the ending of trading yesterday, the stock of San Jose-based
Power Integrations Inc. (NASDAQ: POWI) closed just under $27
per share. The Company engages in the design, development,
manufacture, and marketing of analog integrated circuits (ICs)
for use primarily in alternating current to direct current (DC)
and direct current to direct current power conversion.
Investors who purchased Power Integrations earlier this year
weren’t so lucky. Many of those investors paid too much for
their stock because the price of POWI plummeted after the
Company disclosed its backdated options woes.
Let’s review what happened. On March 13, 2006, Power Integrations
announced a delay in the filing of its Form 10-K for fiscal
year 2005 to allow for the completion of an ongoing internal
investigation of company practices related to stock-option grants
to officers and directors. The Company's shares declined from
$24.19 per share to $23.93 per share. On April 25, 2006, Power
Integrations Inc. said it was spending several million dollars on
an internal investigation regarding stock-option grants to officers
and directors. On April 25, 2006, shares declined from $24.08
per share to $21.00 per share, a decline of approximately 13%.
Federal prosecutors have issued a grand jury subpoena to the
Company for documents relating to its granting of stock options
from 1995 to the present and the U.S. Securities and Exchange
Commission is investigating its stock options practices.
If you’re an affected investor in TOP Tankers, Inc. (NASDAQ: TOPT),
Power Integrations Inc. (NASDAQ: POWI), or any of the cases
under investigation listed below, you may wish to contact us
at info@securitiessleuth.com or 877-511-4717 to discuss your options.
Other cases under investigation:
Affiliated Computer Services, Inc. (NYSE: ACS)
Apollo Group, Inc. (NASDAQ: APOL)
HCC Insurance Holdings (NYSE: HCC)
Presstek, Inc. (NASDAQ: PRST)
Quest Software (NASDAQ: QSFT)
Trident Microsystems (NASDAQ: TRID)
Warner Chilcott Limited (NASDAQ:WCRX)
Now with respect to securities cases that have recently settled. If
you are an affected investor – you purchased any of these stocks
during the relevant class period, you may wish to contact the claims
administrator to obtain additional information. Remember, if you
don’t submit your claim form, you won’t receive your share of
any settlement.
Ask Jeeves (ASKJ)
Class Period: November 18, 1999 to May 16, 2000
Claims Deadline: February 5, 2007
Claims Administrator: Rust Consulting
Broadwing, Inc. (BRW)
Class Period: January 17, 2001 to May 21, 2002
Claims Deadline: November 30, 2006
Claims Administrator: Garden City
Information regarding other recent settled cases, including the
cases listed below can be found at www.securitiessleuth.com.
Advanced Marketing Services
King Pharmaceuticals, Inc.
MasTec, Inc.
McLeodUSA, Inc.
Again you should contact the claims administrator (rather than us).
However, if you are an affected investor in any of the companies
under investigation, you many wish to contact us so that you can
consider your options.
Likewise, if you happen to be aware of corporate restatements or
other financial fraud -- especially if you're a victim -- you're
encouraged to contribute to the Sleuth by giving your own tip-offs
at www.securitiessleuth.com or by e-mailing
info@securitiessleuth.com. You can also call Mark McNair at
877-511-4717.
If you have a friend or colleague you think would benefit from
The Sleuth, please pass along this issue and ask them to sign up
at www.cartville.com/app/join.asp?MerchantID=47994.
Warmest regards,
Mark McNair
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