Diana Containerships, Inc. (NASDAQ: DCIX)
Hagens Berman Sobol Shapiro LLP updates investors in Diana Containerships, Inc. (NASDAQ: DCIX) to the expanded class period in the pending securities class action in the U.S. District Court for the Eastern District of New York. The expanded class period is June 9, 2016 through October 3, 2017. The Lead Plaintiff deadline is December 22, 2017.
If you purchased or otherwise acquired securities of DCIX between June 9, 2013 - October 3, 2017 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing DCIX@hbsslaw.com.
The stock manipulation class action 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’s 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 DCIX@hbsslaw.com.
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