Gainey McKenna & Egleston Announces a Class Action Lawsuit Has Been Filed Against DryShips Inc. (DRYS)

NEW YORK, July 17, 2017 -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against DryShips, Inc. (“DryShips” or the “Company”) (NASDAQ:DRYS) in the United States District Court for the Southern District of New York on behalf of a class consisting of investors who purchased or otherwise acquired DryShips securities on the open market from June 8, 2016 through July 12, 2017, inclusive (the “Class Period”), seeking to recover compensable damages caused by Defendants’ violations of the Securities Exchange Act of 1934.

The Complaint alleges that (1) Defendants engaged in a systemic stock-manipulation scheme to artificially inflate DryShips’ share price; (2) DryShips’ transactions with Kalani Investments Ltd. (“Kalani”), a British Virgin Islands firm, were an illegal capital-raising scheme, due in part to Kalani’s failure to register as an underwriter with the SEC; and (3) as a result, DryShips’ public statements were materially false and misleading at all relevant times.  When the true details entered the market, the lawsuit claims that investors suffered damages.

If you wish to serve as lead plaintiff, you must move the Court no later than September 11, 2017.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].

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