Seven US law firms have announced the filing of class action lawsuits against George Economou’s DryShips, joining three firms that launched action against the company last week alleging it violated federal securities laws.
The law suits, many of which also name Economou and CFO Anthony Kandylidis as defendants, are calling on investors who acquired shares in DryShips between June 2016 and July 2017 to contact them to join the action.
DryShips is accused of making materially false and misleading statements, systemic stock-manipulation to artificially inflate the company’s share price and using an illegal capital-raising scheme issuing shares to Kalani Investments, who then sold the shares on the open market.
DryShips shares closed 7.3% down yesterday at $0.89, and are down over 99.9% since the beginning of the year.