A lawsuit was filed on behalf of investors in TOP SHIPS Inc (NASDAQ:TOPS) shares over alleged securities laws violations.

San Diego, CA -- (SBWire) -- 09/11/2017 --An investor in NASDAQ:TOPS shares filed a lawsuit i over alleged violations of Federal Securities Laws by TOP SHIPS Inc.

Investors who purchased shares of TOP SHIPS Inc (NASDAQ:TOPS) should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.

The plaintiff alleges on behalf of purchasers of TOP SHIPS Inc (NASDAQ:TOPS) common shares between January 17, 2017 and August 22, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between January 17, 2017 and August 22, 2017, Top Ships, certain of its officers and/or directors and Kalani Investments Limited and certain of its related entities ("Kalani") violated of the Securities Exchange Act of 1934. The plaintiff alleges that through his control of Top Ships, the Company's CEO, Evangelos J. Pistiolis ("Pistiolis"), caused Top Ships to engage in a series of manipulative share issuance/sales transactions with Kalani through which Top Ships would sell its common shares and securities convertible into common shares to Kalani at a significant discount to market price and file registration statements so that Kalani could resell these shares into the market. The plaintiff claims that when Kalani's sales of Top Ships stock caused the price of Top Ships stock to decline, the Company would reverse split the stock, causing a certain number of outstanding shares to be merged into a single share, and thereby raise the price of Top Ships stock.

Then, so the plaintiff, Top Ships would again sell securities to Kalani and the same pattern of transactions would ensue. At the same time that Top Ships was engaging in these transactions, defendants failed to disclose the true purpose of the transactions and related stock issuances and reverses – to finance related-party transactions and acquisitions that primarily benefited Pistiolis and his related companies, and otherwise funnel money to Company insiders.

The plaintiff alleges that by August 2017, TOP SHIPS Inc, through Kalani, had issued and sold into the market tens of millions of shares of its common stock, vastly diluting the Company's existing shareholders and that while Top Ships has used the proceeds from these offerings to further enrich Pistiolis and his affiliates through various related-party transactions, the value of TOP SHIPS Inc common stock has plummeted by more than 99%.

Those who purchased shares of TOP SHIPS Inc (NASDAQ:TOPS) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com