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DryShips Inc. (NASDAQ: DRYS)

Securities Class Action

Overview
  • Date:
  • 8/8/2017
  • Company Name:
  • DryShips Inc.
  • Stock Symbol:
  • DRYS
  • Class Period:
  • FROM 6/8/2016 TO 7/14/2017
  • Status:
  • Closed/Complete
  • Court:
  • U.S. District Court: Southern District of New York

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NEW YORK, August 8, 2017 – Bragar Eagel & Squire, P.C. reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired DryShips Inc. (NASDAQ: DRYS) securities between June 8, 2016 and July 14, 2017 (the “Class Period”).  Investors have until September 12, 2017 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

The complaint alleges that, throughout the class period, Defendants issued materially false and/or misleading statements and/or failed to disclose that: (i) Defendants engaged in a systemic stock-manipulation scheme to artificially inflate DryShips' share price; (ii) DryShips' transactions with Kalani Investments Ltd. were an illegal capital-raising scheme, due in part to Kalani's failure to register as an underwriter with the SEC; and (iii) as a result of the foregoing, DryShips' public statements were materially false and misleading at all relevant times. On July 13, 2017, The Wall Street Journal published an article describing how DryShips' influxes of cash resulting from these transactions stoked investor interest in the Company, allowing it to issue further shares, which it then continued to sell to Kalani. Then, to counter share-value dilution, DryShips executed a series of reverse stock splits. The article suggests that, because Kalani purchased DryShips stock with the intention of reselling, the transactions between DryShips and Kalani constituted "pseudo-underwriting."

If you purchased or otherwise acquired DryShips securities during the Class Period or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.

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