DryShips Inc. investors can’t proceed with a suit alleging a secret deal to inflate the Greek shipping company’s stock price for the benefit of an investment fund because the relevant details were disclosed, a federal court ruled.
Investors were notified in advance of share purchase agreements and reverse stock splits, Judge Brian M. Cogan said for the US District Court for the Eastern District of New York. The US Court of Appeals for the Second Circuit’s opinion affirming dismissal in a case involving the same investment fund and another distressed shipper is directly on point, Cogan said.
The plaintiffs’ distrust ...
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