DryShips, CEO Entangled in Conflict of Interest Lawsuit

Athens-based owner of drybulk carriers DryShips informed that the company and its chief executive officer George Economou have been named as defendants in a lawsuit alleging breaches of fiduciary duty, unjust enrichment, and conflict of interest.

Through the lawsuit, filed in High Court of the Republic of the Marshall Islands, the plaintiff seeks, among other things, a temporary restraining order and preliminary injunction to suspend any further issuances of new common shares by the company at a price per share below the price specified by the plaintiff in the complaint.

Additionally, the plaintiff seeks certain other compensatory and punitive damages specified in the complaint.

DryShips however said that the derivate lawsuit and motion for temporary restraining order and preliminary injunction to suspend further issuances of common shares below a certain price “are without merit.”

Following a review of the complaint and the motion, the company said that it “will contest them vigorously.”

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