Seven more firms file class action law suits against DryShips

Seven more firms file class action law suits against DryShips

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.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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