Did your advisor or stockbroker at a brokerage firm like JP Morgan, Merrill Lynch or Wells Fargo recommend a position in Dryships Inc (DRYS)? Brokers are required to do due diligence on the stocks recommended. Many elderly clients were pitched this investment and have sustained an almost complete loss. For information concerning how you may be able to bring a claim against the brokerage firm that sold you this investment, please call our Chicago and Barrington, Illinois-based securities law firm today in order to speak to an attorney for free. There is no obligation with the call. Attorneys are standing by. We take cases on a contingency fee basis only, which means we only make money if you recover yours.
DRYS is a dry bulk shipping company based in Athens, Greece. It owns a fleet of 13 vessels and owns and operates two deepwater offshore drilling rigs. Stoltmann Law Offices is investigating claims made about DRYS, including those from a Wall Street Journal article entitled “A Shipping Company’s Bizarre Stock Maneuvers Create High Seas Intrigue,” published on July 13th, 2017. According to the article, DRYS “repeatedly printed huge numbers of new shares and sold them to Kalani Investments Ltd. (“Kalani”), a British Virgin Islands firm. Kalani, meanwhile, appears to have earned tens of million by immediately selling the stock, which it purchased at a discount to the stock market price.” Kalani’s alleged failure to register as an underwriter in this case with the U.S. Securities and Exchange Commission (SEC) would constitute a violation of the federal securities laws. This means that many investors who were sold DRYS stock by their broker and brokerage firm, may be entitled to reclaim their losses. Brokers must do their due diligence to make sure that the security they are recommending is suitable for the client, by taking into account many factors, such as the client’s age, net worth, investment objectives and investment sophistication, and must make sure that the investment is sound. If the brokers do not, their investment firms may be liable for losses.
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