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DryShips -30% on latest reverse split, its fifth this year

Published 07/19/2017, 08:49 AM
© Reuters.  DryShips -30% on latest reverse split, its fifth this year
DRYS
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  • DryShips (NASDAQ:DRYS) -30.3% premarket after announcing a 1-for-7 reverse split, the company's fifth reverse split this year and the eighth since early 2016.
  • The move comes despite more than 10 law firms announcing class action lawsuits since last Friday, alleging violations of U.S. securities laws.
  • DRYS says the latest reverse split will take effect at the open on July 21, reducing the number of issued and outstanding common shares to ~5.2M.


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