Jigarjian Law Office Investigating Potential Claims By Investors Who Purchased CP Ships Ltd. Convertible Bonds

CP Ships Ltd. announces that it will restate financial statements. Jigarjian Law Office investigating potential claims by investors who purchased CP Ships Ltd. convertible bonds.

San Anselmo, CA (PRWEB) August 15, 2004 -- The Jigarjian Law Office today announced that it is investigating potential claims of investors who purchased CP Ships Ltd. 4% Senior Subordinated Convertible Notes due 2024.

CP Ships said on August 9, 2004 it will restate financial results going back nine quarters, likely cutting 2003 profit by up to 36 percent, and its stock fell more than 20 percent in unusually heavy volume. The Company said its new SAP accounting system had revealed insufficient accruals for certain costs, and it said certain Dec. 31, 2003 balances need to be written off. The Company said that pending completion of the review and publication of revised financial statements, investors should not rely on previously reported financial statements for the 2003 and 2002 years or first quarter 2004.

A class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of investors who purchased securities of CP Ships Ltd. between April 23, 2003 and August 6, 2004. No class has been certified.

Investors who purchased 4% Senior Subordinated Convertible Notes may have claims in addition to those presently alleged in the class action lawsuit. If you are a purchaser of 4% senior Subordinated Convertible Notes of CP Ships Ltd. and wish to discuss your rights, please contact the Jigarjian Law Office (Robert A. Jigarjian, Esq.) by e-mail at info@jigarjianlaw.com or at 415-455-5391.

# # #