NEW ORLEANS, Oct. 17, 2017 (GLOBE NEWSWIRE) -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until October 23, 2017 to file lead plaintiff applications in a securities class action lawsuit against Top Ships Inc. (Nasdaq: TOPS ), if they purchased the Company’s shares between January 17, 2017 and August 22, 2017, inclusive (the “Class Period”). This action is pending in the United States District Court for the Eastern District of New York.
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About the Lawsuit
Top Ships and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
Throughout 2017, Top Ships engaged in a stock scheme of selling tens of millions of its shares to Kalani Investments Limited at a deeply discounted rate and then filing registration statements enabling Kalani to resell the shares. As the selloff caused the share price to decline, Top Ships would then artificially raise the price via a reverse stock split, causing shares to be merged.
As a result of this scheme, the price of Top Ships’ shares has plummeted by more than 99%.
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