Cases
Diana Containerships Inc. (NASDAQ: DCIX)
Securities Class Action
Overview
Overview
- Date:
- 10/25/2017
- Company Name:
- Diana Containerships Inc.
- Stock Symbol:
- DCIX
- Class Period:
- FROM 6/9/2016 TO 10/3/2017
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Eastern District of New York
NEW YORK, October 25, 2017 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all persons or entities who purchased or otherwise acquired Diana Containerships Inc. (NASDAQ: DCIX) securities between June 9, 2016 and October 3, 2017 (the “Class Period”). Investors have until December 22, 2017 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The Complaint charges Diana, certain of the Company’s officers and/or directors, and Kalani Investments Limited and certain of its affiliates (“Kalani”) with violations of the Securities Exchange Act of 1934. Diana is a global provider of shipping transportation services through its ownership of containerships.
The Complaint alleges that during the Class Period, CEO and Board Chairman Symeon P. Palios caused Diana to engage in manipulative share issuance and sales transactions with Kalani Investments and related entities. Through his control of Diana, Palios caused the Company to (1) sell its common shares and certain securities to Kalani at a significant discount to market price and (2) file Registration Statements so that Kalani could resell these shares into the market. When Kalani’s sales of Diana stock caused the price of Diana stock to decline, the Company would reverse split the stock, thereby inflating Diana’s stock price.
Through a series of stock issuances and reversals, Diana officials enriched themselves at the expense of the Company’s shareholders. These manipulative transactions provided Diana with financing that benefitted Palios, his related companies, family members, and company insiders. Diana shares, which traded at more than $2,500 per share on an adjusted basis, closed at $0.47 per share on October 3, 2017
If you purchased or otherwise acquired Diana securities during the Class Period or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
The Complaint charges Diana, certain of the Company’s officers and/or directors, and Kalani Investments Limited and certain of its affiliates (“Kalani”) with violations of the Securities Exchange Act of 1934. Diana is a global provider of shipping transportation services through its ownership of containerships.
The Complaint alleges that during the Class Period, CEO and Board Chairman Symeon P. Palios caused Diana to engage in manipulative share issuance and sales transactions with Kalani Investments and related entities. Through his control of Diana, Palios caused the Company to (1) sell its common shares and certain securities to Kalani at a significant discount to market price and (2) file Registration Statements so that Kalani could resell these shares into the market. When Kalani’s sales of Diana stock caused the price of Diana stock to decline, the Company would reverse split the stock, thereby inflating Diana’s stock price.
Through a series of stock issuances and reversals, Diana officials enriched themselves at the expense of the Company’s shareholders. These manipulative transactions provided Diana with financing that benefitted Palios, his related companies, family members, and company insiders. Diana shares, which traded at more than $2,500 per share on an adjusted basis, closed at $0.47 per share on October 3, 2017
If you purchased or otherwise acquired Diana securities during the Class Period or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.