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DryShips Says Recently Filed Derivative Lawsuit, Motion for Temporary Restraining Order and Preliminary Injunction to Suspend Further Issuances of Common Shares Below Certain Price are Without Merit

Courtesy of Benzinga.

DryShips Inc. (NASDAQ: DRYS)  announced today that it and its chief executive officer and chairman of the Company’s board of directors, Mr. George Economou, have been named as defendants in a lawsuit filed in High Court of the Republic of the Marshall Islands (Civil Action No. 2017-131) alleging, in relevant part, breaches of fiduciary duty, unjust enrichment, and conflict of interest. The plaintiff seeks, among other things, a temporary restraining order and preliminary injunction to suspend any further issuances of new common shares by the Company at a price per share below the price specified by the plaintiff in the complaint, as well as certain other compensatory and punitive damages specified in the complaint.
 
DryShips and its management have reviewed the complaint and the motion and believe them to be without merit and will contest them vigorously.

Posted-In: News Legal Insider Trades


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