This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.Contact:Goldberg Law PC, Los Angeles Michael Goldberg, Esq., 800-977-7401 Brian Schall, Esq., 800-977-7401 firstname.lastname@example.org www.Goldberglawpc.com View original content: http://www.prnewswire.com/news-releases/equity-alert-goldberg-law-pc-announces-the-filing-of-a-securities-class-action-lawsuit-against-top-ships-inc-300516082.html SOURCE Goldberg Law PC
LOS ANGELES, Sept. 7, 2017 /PRNewswire/ -- Goldberg Law PC, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Top Ships Inc. ("Top Ships" or the "Company") (Nasdaq: TOPS) for violations of the Securities Exchange Act of 1934. Investors who purchased the Company's shares between January 17, 2017 and August 22, 2017, inclusive (the "Class Period"), are encouraged to contact the firm before October 23, 2017, the lead plaintiff motion deadline. If you are a shareholder who suffered a loss during the Class Period, click here to participate. We also encourage you to contact Michael Goldberg or Brian Schall, of Goldberg Law PC, 1999 Avenue of the Stars, Suite 1100, Los Angeles, CA 90067, at 800-977-7401, to discuss your rights free of charge. You can also reach us through the firm's website at http://www.goldberglawpc.com/, or by email at email@example.com. The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member. The Complaint alleges that during the Class Period, CEO Evangelos J. Pistiolis caused the Company to engage in a series of manipulative share issuance/sales transactions with Kalani Investments Limited ("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 its stock. Then, the Company would sell securities to Kalani and the same pattern of transactions would ensue. At the same time that Top Ships was engaging in these transactions, the Company 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 Mr. Pistiolis and his related companies, and otherwise funnel money to Company insiders. By August 2017, Top Ships, through Kalani, 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 used these proceeds to further enrich Mr. Pistiolis and his affiliates through various related-party transactions, the value of Top Ships common stock has plummeted by more than 99%, which caused investors harm. Goldberg Law PC represents investors around the world, and specializes in securities class action lawsuits and shareholder rights litigation.