The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Top Ships Inc. (NASDAQ: TOPS) who purchased securities between January 17, 2017 and August 22, 2017. The action, which was filed in the United States District Court for the Eastern District of New York, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that Top Ships’ CEO, Evangelos J. Pistiolis caused Top Ships to engage in a series of manipulative shares issuance/sales transactions with Kalani Investments Limited and certain of its entities. These transactions allowed Top Ships to finance related-party transactions and acquisitions that primarily benefited Pistiolis, his related companies, and other Company insiders.
Shareholders have until October 23, 2017 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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