NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. reminds investors 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 January 26, 2017 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 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 those 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 public 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 and suffered a loss, 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 Brandon Walker or Melissa Fortunato by email at email@example.com, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Diana lawsuit, please go to www.bespc.com/dcix. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.