NEW YORK, Aug. 04, 2017 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that a class action lawsuit has been filed against DryShips, Inc. (“DryShips” or the “Company”) (NASDAQ: DRYS ) in the United States District Court for the Southern District of New York on behalf of a class consisting of investors who purchased or otherwise acquired DryShips securities on the open market from June 8, 2016 through July 14, 2017, inclusive (the “Class Period”).
Investors who have incurred losses in DryShips, Inc. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have incurred substantial losses in DryShips, Inc. you may, no later than September 12, 2017, request that the Court appoint you lead plaintiff of the proposed class.
The filed Complaint alleges that:
- Defendants engaged in a systemic stock-manipulation scheme to artificially inflate DryShips’ share price;
- DryShips’ transactions with Kalani Investments Ltd. (“Kalani”), a British Virgin Islands firm, were an illegal capital-raising scheme, due in part to Kalani’s failure to register as an underwriter with the SEC; and
- as a result, 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.”
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com , or visit our website at www.whafh.com.
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Contact: Wolf Haldenstein Adler Freeman & Herz LLP Kevin Cooper, Esq. Gregory Stone, Director of Case and Financial Analysis Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com Tel: (800) 575-0735 or (212) 545-4774
