IRVINE, Calif., Oct. 20, 2017 (GLOBE NEWSWIRE) — Khang & Khang LLP (the “Firm”) announces a securities class action lawsuit against Top Ships Inc. (“Top Ships” or the “Company”) (Nasdaq:TOPS). Investors who purchased or otherwise acquired shares of Top Ships from January 17, 2017 through August 22, 2017, inclusive (the “Class Period”), are encouraged to contact the Firm by October 23, 2017, the lead plaintiff motion deadline.
If you purchased Top Ships shares during the Class Period, please contact Joon M. Khang, Esq., of Khang & Khang LLP, 4000 Barranca Parkway, Suite 250, Irvine, CA 92604, by telephone at (949) 419-3834, or by e-mail at [email protected]
There has been no class certification in this case yet, and until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member as well.
The Complaint alleges that CEO Evangelos J. Pistiolis (“Pistiolis”) caused Top Ships to engage in a series of manipulative share issuance/sales transactions with Kalani Investments Limited (“Kalani”) through which the Company 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 stock price to decline, Top Ships 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 the Company’s stock. Then, Top Ships would again sell securities to Kalani and the same pattern of transactions would ensue.
While Top Ships engaged 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 Top Ships insiders. While Top Ships used the proceeds from these offerings to further enrich Pistiolis and his affiliates through various related-party transactions, Top Ships’ common stock price dropped by more than 99%, which caused investors harm according to the Complaint.
If you want to learn more about this lawsuit, or if you have questions concerning this notice or your rights, please contact Joon M. Khang, Esq., a prominent litigator for almost two decades, by telephone at (949) 419-3834, or by e-mail at [email protected]
This press release may be considered Attorney Advertising in certain jurisdictions.
Joon M. Khang, Esq.
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