Shareholders have lodged new allegations against Evangelos Pistiolis-led Top Ships in an ongoing securities lawsuit focused on the company’s relationship with financial firm Kalani Investments.
The shareholders allege the shipowner expanded from 5.7 million to the equivalent of 3.06 trillion common shares, destroyed 99.9995% of shareholder value, pocketed $90m in the process and grew its fleet with purchases from its chief executive’s private interests, according to an amended complaint filed in a class-action securities case in US federal court.
