NEW YORK, July 14, 2017 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of DryShips Inc. ("DryShips" or the "Company") (NYSE: DRYS). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether DryShips and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On July 13, 2017, The Wall Street Journal published an article entitled "A Shipping Company's Bizarre Stock Maneuvers Create High Seas Intrigue". The article described a series of transactions in which DryShips "repeatedly printed huge numbers of new shares and sold them to" Kalani Investments Ltd. ("Kalani"), a British Virgin Islands firm. Kalani, meanwhile, "appears to have earned tens of millions by immediately selling the stock, which it purchased at a discount to the stock market price." Citing legal experts, the article reported that the transactions, in which Kalani purchased DryShips stock with the apparent intent to resell, likely constituted a public offering with Kalani acting as the underwriter, and that Kalani's failure to duly register as an underwriter with the U.S. Securities and Exchange Commission would constitute a violation of the federal securities laws. Since November 2016, DryShips' share price has fallen approximately 99.9%.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby