LOS ANGELES, Aug. 30, 2017 /PRNewswire/ -- Lundin Law PC, a shareholder rights firm, announces the filing of a class action lawsuit against Top Ships Inc. ("Top Ships" or the "Company") (Nasdaq: TOPS) concerning possible violations of federal securities laws between January 17, 2017 and August 22, 2017, inclusive (the "Class Period"). Investors who purchased or otherwise acquired shares during the Class Period should contact the firm prior to the October 23, 2017 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 [email protected].
No class has been certified in the above action yet. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
According to the Complaint, throughout the Class Period, the Chief Executive Officer Evangelos J. Pistiolis caused the Company to engage in a series of manipulative share issuance/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 the price of Top Ships stock 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 the price of its stock. Then, the Company would again sell securities to Kalani and the same pattern of transactions would ensue. At the same time that 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 Top Ships common stock has fallen by more than 99%, which caused investors harm.
Lundin Law PC was founded by Brian Lundin, Esq., a securities litigator based in Los Angeles dedicated to upholding shareholders' rights.
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SOURCE Lundin Law PC