NEW YORK, July 15, 2017 (GLOBE NEWSWIRE) -- Stull, Stull & Brody (“SS&B”) announces that a class action lawsuit was commenced in the United States District Court for the Southern District of New York against DryShips Inc. (“DryShips”) (NASDAQ:DRYS) and certain of its officers. The Case was filed on behalf of a class consisting of investors who purchased or acquired DryShips securities, seeking compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.
In a series of transactions beginning on or around June 8, 2016, DryShips raised hundreds of millions of dollars by selling newly-issued shares directly to Kalani Investments Ltd. (“Kalani”), a British Virgin Islands firm, at a discount to market value. This influx of capital enabled DryShips to roughly double the size of its fleet to 36 vessels.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the business, operational and compliance policies of DryShips. Specifically, Defendants made 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 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.
If you are a shareholder who purchased DryShips securities between June 8, 2016, and July 12, 2017, both dates inclusive, you have until September 12, 2017, to ask the Court to appoint you as Lead Plaintiff for the class.
If you have any questions concerning this notice or your rights or interests with respect to these matters, please contact Jason D’Agnenica, Esq. of SS&B, at firstname.lastname@example.org, by telephone at 1-800-337-4983 x145, or by fax to 212-490-2022.
SS&B has litigated class actions for violations of securities laws and breaches of fiduciary duty on behalf of defrauded investors over the past 40 years and has obtained court approval of substantial settlements on numerous occasions. SS&B has offices in New York and Beverly Hills. SS&B’s website (www.ssbny.com) has additional information about the firm.
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