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SAN FRANCISCO, Oct. 26, 2017 -- Hagens Berman Sobol Shapiro LLP alerts investors in Diana Containerships, Inc. (NASDAQ:DCIX) to the securities class action pending in the U.S. District Court for the Eastern District of New York. If you purchased or otherwise acquired securities of DCIX between January 26, 2017 and October 3, 2017 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/DCIX
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing
The complaint alleges Defendants made a series of materially false and misleading statements, and omitted to disclose material information concerning the true purpose of and circumstances surrounding a series of securities issuances and reverse stock splits.
More specifically, the complaint alleges: (a) CEO Symeon Palios caused Diana to sell common shares and securities convertible into common shares to Kalani Investments Limited and to file registration statements so that Kalani could resell these shares into the market; (b) when Kalani flooded the market with those shares it caused the price of Diana shares to decline and the Company would then reverse split the stock, thereby raising the price of Diana shares; (c) this pattern was allegedly repeated; and, (d) Defendants’ “Reverse Split Share Issuance Scheme” effectively wiped out shareholder value.
“We’re focused on the alleged scheme, which is similar to other situations involving Kalani, related party transactions between the Company and entities Palios controls, and the enormous loss shareholders appear to have suffered,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Diana Containerships should consider their options to help in the investigation or take advantage of the SEC whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email [email protected].
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with 11 offices across the country. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes can be found at www.hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact:
Reed Kathrein, 510-725-3000
