NEW YORK, NY / ACCESSWIRE / October 2, 2017 / Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Top Ships, Inc. ("Top Ships" or the "Company") (NASDAQ:TOPS) of the October 23, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Top Ships stock or options between January 17, 2017 and August 22, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/TOPS. 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 rgonnello@faruqilaw.com.
The lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all those who purchased Top Ships common stock between January 17, 2017 and August 22, 2017 (the "Class Period"). The case, Brady v. Top Ships Inc. et al, No. 2:17-cv-04987 was filed on August 23, 2017, and has been assigned to Judge Joan Marie Azrack.
The lawsuit alleges that the Company's Chief Executive Officer, Evangelos J. Pistiolis ("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 Top Ships stock. Then, Top Ships 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 Pistiolis and his related companies, and otherwise funnel money to Company insiders.
By August 2017, Top Ships, through Kalani, had issued and sold into the market tens of millions of shares of its common stock, diluting the Company's existing shareholders. While Top Ships has used the proceeds from these offerings to further enrich Pistiolis and his affiliates through various related-party transactions, the value of Top Ships common stock has dropped more than 99%.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Top Ships' conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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SOURCE: Faruqi & Faruqi, LLP
