DryShips Shares Sink On News Of SEC Subpoena
DryShips Inc. DRYS has been one of the craziest stock stories of the year. With news that the company was hit with an SEC subpoena, the story isn't slowing down anytime soon.See Also: The DryShips Story, Continued
A subpoena from the SEC is requesting certain documents and information related to offerings made by the company between June 2016 and July 2017. Dryships stated it has delivered the requested information to the SEC.
Various complaints have been filed in U.S. territory Marshall Islands, alleging various violations by DrysShips and/or two of its officers in connection with the securities laws of the U.S., according to the company.
DryShips management stated it believes these complaints are without merit and intend to “vigorously defend themselves against these allegations."
The news comes after the company reported a second quarter earnings loss of $37.12 per share.
Shares fell over 25 percent following the news, adding to the 12 percent loss in the regular session. At time of publication, DryShip's stock was trading at $2.28 in the after-hours session.
Here's the press release. You have to scroll down to the last bit of verbiage to find:
The Company has also received a subpoena from the Securities and Exchange Commission ("SEC") requesting certain documents and information from the Company in connection with offerings made by the Company between June 2016 and July 2017. The Company is providing the requested information to the SEC.