NEW YORK, NY / ACCESSWIRE / December 20, 2017 / Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Diana Containerships, Inc. ("Diana" or "the Company") (NASDAQ:DCIX) and certain of its officers, on behalf of shareholders who purchased Diana securities between January 26, 2017 and October 3, 2017, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: http://www.bgandg.com/dcix.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The complaint alleges that during the Class Period, defendant Symeon P. Palios ("Palios"), the Company's CEO and Chairman of the Board, caused Diana to engage in a series of manipulative share issuance/sales transactions with Kalani and related entities. The manipulative scheme worked as follows: Through his control of Diana, Palios caused Diana to sell its common shares and securities convertible into common shares to Kalani at a significant discount to market price and to 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, causing a certain number of outstanding shares to be merged into a single share, thereby raising the price of Diana stock. Then Diana would again sell securities to Kalani and the same pattern of transactions would ensue. The complaint alleges that defendants failed to disclose the true purpose of these transactions and the related stock issuances and reverses – to provide Diana with financing that benefited Palios and his related companies and family members and otherwise funnel money to Company insiders. As a result of defendants' stock manipulation scheme, the complaint alleges that by October 3, 2017, Diana common stock, which traded at a price of more than $2,500 per share on an adjusted basis during the early part of the Class Period, was worth only $0.47 per share.
A class action lawsuit has already been filed If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/dcix or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Diana you have until December 22, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
SOURCE: Bronstein, Gewirtz & Grossman, LLC
