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Home>Glancy Prongay & Murray Announces the Filing of a Securities Class Action on Behalf of Top Ships Inc. Investors and Encourages Investors to Contact the Firm (TOPS)

Glancy Prongay & Murray Announces the Filing of a Securities Class Action on Behalf of Top Ships Inc. Investors and Encourages Investors to Contact the Firm (TOPS)

Glancy Prongay & Murray Announces the Filing of a Securities Class Action on Behalf of Top Ships Inc. Investors and Encourages Investors to Contact the Firm (TOPS)

10/05/2017

Glancy Prongay & Murray Announces the Filing of a Securities Class Action on Behalf of Top Ships Inc. Investors and Encourages Investors to Contact the Firm (TOPS)

Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors who purchased Top Ships Inc. (“Top Ships” or the “Company”) (NASDAQ: TOPS) securities between January 17, 2017 and August 22, 2017, inclusive (the “Class Period”). Top Ships investors have until October 23, 2017 to file a lead plaintiff motion. To obtain information or participate in the class action, please visit the Top Ships page on our website at www.glancylaw.com/case/top-ships-inc.

Investors suffering losses on their Top Ships investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to shareholders@glancylaw.com.

The Complaint filed in this class action alleges that CEO Evangelos J. Pistiolis caused Top Ships 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, 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 Top Ships stock. Then, Top Ships would again sell securities to Kalani and the same pattern of transactions would ensue.

By August 2017, Top Ships, through Kalani, had 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 has allegedly 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 over 99%.

Follow us for updates on Twitter: twitter.com/GPM_LLP.

If you purchased shares of Top Ships during the Class Period you may move the Court no later than October 23, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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