Case Page

 

Case Status:    ONGOING    
On or around 08/25/2017 (Ongoing date of last review)

Filing Date: August 23, 2017

According to the law firm press release, Top Ships is an international owner and operator of tanker vessels focusing on the transportation of crude oil, petroleum products and bulk liquid chemicals.

The complaint alleges that through his control of Top Ships, the Company’s CEO caused Top Ships to engage in a series of manipulative share issuance/sales transactions with 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, defendants 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, vastly 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 plummeted by more than 99%.

COMPANY INFORMATION:

Sector: Transportation
Industry: Water Transportation
Headquarters: Greece

SECURITIES INFORMATION:

Ticker Symbol: TOPS
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.
COURT: E.D. New York
DOCKET #: 17-CV-04987
JUDGE: Hon. Joan M. Azrack
DATE FILED: 08/23/2017
CLASS PERIOD START: 01/17/2017
CLASS PERIOD END: 08/22/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
No Document Title Filing Date