LOS ANGELES, Oct. 19, 2017 (GLOBE NEWSWIRE) -- Lundin Law PC, a shareholder rights firm, announces a class action lawsuit against Top Ships Inc. (“Top Ships” or the “Company”) (Nasdaq:TOPS) for possible violations of federal securities laws from January 17, 2017 through August 22, 2017, inclusive (the “Class Period”). Investors who purchased or otherwise acquired Top Ships shares during the Class Period should contact the firm before October 23, 2017, the lead plaintiff motion deadline.
To participate in this class action lawsuit, click here.
You can also call Brian Lundin, Esq., of Lundin Law PC, at 888-713-1033, or you can e-mail him at brian@lundinlawpc.com.
No class has been certified in the above action yet, and until a class is certified, you are not considered to be represented by an attorney. You may also choose to do nothing and be an absent class member.
The Complaint alleges that throughout the Class Period, CEO Evangelos J. Pistiolis caused the Company to engage in a series of manipulative share issuance and sales transactions with Kalani Investments Limited (“Kalani”) through which Top Ships would sell its common shares and securities convertible into common shares to Kalani at a significant discount to market price and file registration statements so that Kalani could resell these shares into the market. When Kalani’s sales of Top Ships stock caused its share price to decline, the Company would reverse split the stock, causing a certain number of outstanding shares to be merged into a single share, and thereby raise its stock price. Then, the Company would again sell securities to Kalani, and the same pattern of transactions would ensue. While Top Ships was engaging in these transactions, the Company failed to disclose the true purpose of the transactions and related stock issuances and reverses – to finance related-party transactions and acquisitions that primarily benefited Mr. Pistiolis and his related companies, and otherwise funnel money to Company insiders. By August 2017, Top Ships, through Kalani, issued and sold into the market tens of millions of shares of its common stock, vastly diluting the Company’s existing shareholders. While Top Ships used the proceeds from these offerings to further enrich Mr. Pistiolis and his affiliates through various related-party transactions, the value of the Company’s common stock has fallen by more than 99%, which caused investors harm.
Lundin Law PC was created by Brian Lundin, Esq., a securities litigator based in Los Angeles dedicated to upholding the rights of shareholders.
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Contact:
Lundin Law PC
Brian Lundin, Esq.
Telephone: 888-713-1033
Facsimile: 888-713-1125
brian@lundinlawpc.com
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