QVT Financial acquires shares in TOP Tankers

QVT Financial acquires shares in TOP Tankers

QVT Financial LP said it has increased its holding of shares in TOP Tankers to 8.4 percent.

   In a 13-D filing with the Securities and Exchange commission, QVT said it had purchased an additional 566,164 shares of common stock in the company Dec. 26-29 for about $2.7 million, giving it a beneficial interest of nearly 2.4 million shares.

   TOP Tankers is under fire by some shareholders. At least eight law firms have announced class action lawsuits against the company whose share prices has dropped sharply.

   The company recently appointed Deloitte as independent auditors after Ernst and Young resigned late last year after a disagreement with the company's leadership over accounting treatment of certain aspects of the sale and leaseback of 13 vessels that closed in the spring.

   TOP, an operator of crude and product tankers, reported an $11 million third quarter loss. The company’s stock price dropped sharply in the past year, closing at $4.65 on Thursday, well off its 52 week high of $18.32.