May 14, 2020 - The Court of Appeals affirmed the court's dismissal order.

August 26, 2019 - A notice appealing the court's dismissal was filed.

August 7, 2019 - The court granted the defendants' motion to dismiss.

March 25, 2019 - A motion to dismiss the amended consolidated complaint was filed.

September 18, 2018 - A second amended consolidated complaint was filed.

August 23, 2017 (Shareholders Foundation) - An investor in shares of TOP SHIPS Inc (NASDAQ:TOPS) filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by TOP SHIPS Inc. in connection with certain allegedly false and misleading statements made between January 17, 2017 and August 22, 2017.

Greece based Top Ships Inc. is an international provider of oil, petroleum products and chemicals transportation services. TOP SHIPS Inc reported that its annual Total Revenue rose from $13.07 million in 2015 to $28.43 million in 2016 and that its Net Loss of $8.51 million in 2015 turned into a Net Income of $1.05 million in 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of TOP SHIPS Inc (NASDAQ:TOPS) common shares between January 17, 2017 and August 22, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between January 17, 2017 and August 22, 2017, Top Ships, certain of its officers and/or directors and Kalani Investments Limited and certain of its related entities (“Kalani”) violated of the Securities Exchange Act of 1934. The plaintiff alleges that through his control of Top Ships, the Company’s CEO, Evangelos J. Pistiolis (“Pistiolis”), caused Top Ships to engage in a series of manipulative share issuance/sales transactions with Kalani through which Top Ships would sell its common shares and securities convertible into common shares to Kalani at a significant discount to market price and file registration statements so that Kalani could resell these shares into the market. The plaintiff claims that when Kalani’s sales of Top Ships stock caused the price of Top Ships stock to decline, the Company would reverse split the stock, causing a certain number of outstanding shares to be merged into a single share, and thereby raise the price of Top Ships stock.

Then, so the plaintiff, Top Ships would again sell securities to Kalani and the same pattern of transactions would ensue. At the same time that Top Ships was engaging in these transactions, defendants failed to disclose the true purpose of the transactions and related stock issuances and reverses – to finance related-party transactions and acquisitions that primarily benefited Pistiolis and his related companies, and otherwise funnel money to Company insiders.

The plaintiff alleges that by August 2017, TOP SHIPS Inc, through Kalani, had issued and sold into the market tens of millions of shares of its common stock, vastly diluting the Company’s existing shareholders and that while Top Ships has used the proceeds from these offerings to further enrich Pistiolis and his affiliates through various related-party transactions, the value of TOP SHIPS Inc common stock has plummeted by more than 99%.