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Dryships Inc.

Case Summary

Dryships Inc. Securities Litigation

Case Summary

Case Status:    ONGOING    
On or around 09/21/2018 (Ongoing date of last review)

Filing Date: July 14, 2017

According to the law firm press release, DryShips Inc. owns and operates ocean going cargo vessels worldwide. It operates through two segments, Drybulk and Offshore Support. The Drybulk segment offers drybulk commodities transportation services for the steel, electric utility, construction, and agri-food industries. The Offshore Support segment provides its services to the global offshore energy industry.

In a series of transactions beginning on or around June 8, 2016, DryShips raised hundreds of millions of dollars in capital by selling newly-issued shares directly to Kalani Investments Ltd. (“Kalani”), a British Virgin Islands firm, at a discount to the stock-market price. This influx of capital enabled DryShips to roughly double the size of its fleet to 36 vessels.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Defendants engaged in a systemic stock-manipulation scheme to artificially inflate DryShips’ share price; (ii) DryShips’ transactions with Kalani were an illegal capital-raising scheme, due in part to Kalani’s failure to register as an underwriter with the SEC; and (iii) as a result of the foregoing, DryShips’ public statements were materially false and misleading at all relevant times.

The first identified case was voluntarily dismissed on August 31, 2017. A related action continues in the Eastern District of New York docketed under 17-CV-04547.

On April 30, 2018, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on June 29. On August 21, the Court issued an Order vacating the Order of April 30, 2018 and appointed Lead Plaintiffs and Counsel. On September 21, Lead Plaintiffs filed a consolidated amended Complaint.

Company & Securities Information

Defendant: Dryships Inc.

COMPANY INFORMATION:

Sector: Transportation
Industry: Water Transportation
Headquarters: Greece

SECURITIES INFORMATION:

Ticker Symbol: DRYS
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.

First Identified Complaint

Maxime Hodges, et al. v. Dryships Inc., et al.

COURT: E.D. New York
DOCKET #: 17-CV-05368
JUDGE:
DATE FILED: 07/14/2017
CLASS PERIOD START: 06/08/2016
CLASS PERIOD END: 07/12/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
First Identified Complaint (FIC) Filings:
No Document Title Filing Date
1 Class Action Complaint 07/14/2017
2 Notice of Voluntary Dismissal 08/31/2017
3 U.S. District Court Civil Docket 09/19/2017

Reference Complaint

Robert Luke, et al. v. Dryships Inc., et al.

COURT: E.D. New York
DOCKET #: 17-CV-04547
JUDGE:
DATE FILED: 09/21/2018
CLASS PERIOD START: 06/08/2016
CLASS PERIOD END: 08/29/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Levi & Korsinsky (Stamford)
    733 Summer Street, Suite 304, Levi & Korsinsky (Stamford), CT 06901
    203-992-4523 ·
  2. Scott + Scott LLP (NY)
    405 Lexington Avenue, 40th Floor, The Chrysler Building, Scott + Scott LLP (NY), NY 10174
    (212) 223-6444 (212) 223-6444 ·
Reference Complaint (REF) Filings:
No Document Title Filing Date
1 Complaint for Violations of the the Federal Securities Laws 08/02/2017
2 Amended Complaint 06/29/2018
3 Order 08/21/2018
4 U.S. District Court Civil Docket 09/21/2018
5 Consolidated Amended Class Action Complaint 09/21/2018
 
 

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