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DryShips, Inc. (DRYS)

NASDAQ:DRYS

Summary

Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 Investing In DryShips Inc. To Contact The Firm

Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at DryShips Inc. (“DryShips” or the “Company”) (NASDAQ:DRYS).

The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose material non-public information. 

Specifically, The Wall Street Journal reported that DryShips began to make a series of stock sales totaling more than $500 million a day after its shares peaked between November 9 and November 16, 2016, from $163 to $2,336 per share. The Wall Street Journal also reported the company has used the proceeds from the share sales to acquire several hundred million dollars’ worth of ships at attractive prices.

According to the article, DryShips shares would ordinarily be worth pennies following the big decline. The Company has avoided that through repeated reverse stock splits. Since November 15, 2016, DryShips share price has fallen from $2,336 per share to a closing price of $1.05 per share on May 1, 2017 —a 99.9% drop.

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  • Case:
    DryShips, Inc. (DRYS)
  •    

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Contact Counsel

Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330

Email:

Case Details

Date:

  • 05/01/2017

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