NEW YORK, May 1, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at DryShips Inc. ("DryShips" or the "Company") (NASDAQ: DRYS).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose material non-public information.
Specifically, The Wall Street Journal reported that DryShips began to make a series of stock sales totaling more than $500 million a day after its shares peaked between November 9 and November 16, 2016, from $163 to $2,336 per share. The Wall Street Journal also reported the company has used the proceeds from the share sales to acquire several hundred million dollars' worth of ships at attractive prices.
According to the article, DryShips shares would ordinarily be worth pennies following the big decline. The Company has avoided that through repeated reverse stock splits. Since November 15, 2016, DryShips share price has fallen from $2,336 per share to a closing price of $1.05 per share on May 1, 2017 —a 99.9% drop.
If you invested in DryShips stock or options and would like to discuss your legal rights, click here: www.faruqilaw.com/DRYS. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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