Summary Notice Of Pendency And Proposed Settlement Of Class Action And Fairness Hearing...

Summary Notice Of Pendency And Proposed Settlement Of Class Action And
Fairness Hearing Announced by Schiffrin Barroway Topaz & Kessler, LLP -- TOPT

NEW YORK, May 20 /PRNewswire/ -- Schiffrin Barroway Topaz & Kessler, LLP
Announces the Notice of Proposed Settlement, Motion for Attorneys' Fees and
Reimbursement of Expenses and Fairness Hearing Involving Top Tankers Inc.
UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK

Civil Action No. 06 Civ. 13761

SUMMARY NOTICE OF PENDENCY AND PROPOSED SETTLEMENT AND FAIRNESS HEARING

TO: ALL PERSONS AND ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED THE
COMMON STOCK OF TOP TANKERS, INC. BETWEEN MARCH 13, 2006 AND NOVEMBER 29,
2006, INCLUSIVE (THE "CLASS").
YOU ARE HEREBY NOTIFIED that the above-captioned action has been certified
as a class action and that a settlement for One Million Two Hundred Thousand
Dollars ($1,200,000) has been proposed. A hearing will be held before the
Honorable Colleen McMahon in the United States District Court for the Southern
District of New York, Daniel Patrick Moynihan United States Courthouse, 500
Pearl St., New York, NY 10007, Courtroom 21B, at 4:00 p.m., on July 31, 2008
to determine whether: (1) the proposed Settlement should be approved by the
Court as fair, reasonable and adequate; (2) Lead Counsel's application for an
award of attorneys' fees and reimbursement of expenses should be approved; (3)
Lead Plaintiff should be reimbursed for his reasonable costs and expenses
(including lost wages) directly related to his representation of the Class in
the litigation; and (4) the claims against the Defendants should be dismissed
with prejudice.
IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE
AFFECTED AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUND. If you have
not yet received the full printed Notice of Proposed Settlement, Motion for
Attorneys' Fees and Reimbursement of Expenses and Fairness Hearing (the
"Notice") and Proof of Claim and Release form ("Proof of Claim"), you may
obtain copies of these documents by contacting:
In re Top Tankers, Inc. Securities Litigation
c/o Strategic Claims Services
Claims Administrator
P.O. Box 230
600 North Jackson Street, Suite 3
Media, PA 19063
(866) 274-4004

Inquiries, other than requests for the forms of the Notice and Proof of
Claim, may be made to Lead Counsel:
Katharine M. Ryan, Esq.
Benjamin J. Sweet, Esq.
Schiffrin Barroway Topaz & Kessler, LLP
280 King of Prussia Road
Radnor, PA 19087

To participate in the Settlement, you must submit a Proof of Claim no
later than September 12, 2008. If you are a member of the Class and do not
submit a proper Proof of Claim, you will not share in the settlement but you
nevertheless will be bound by the Final Order and Judgment entered by the
Court in this litigation. As more fully described in the Notice, the deadline
for submitting objections and requests for exclusion is July 2, 2008.
Further information may also be obtained by directing your inquiry in
writing to the Claims Administrator, Strategic Claims Services, at the address
listed above.
By Order of the Court
SOURCE Schiffrin Barroway Topaz & Kessler, LLP

Katharine M. Ryan, Esq. or Benjamin J. Sweet, Esq., both of Schiffrin Barroway
Topaz & Kessler, LLP, +1-610-667-7600