Shipping: "DryShips Believes Class Action Lawsuit Is Without Merit" Says Neener-Neener, Declares 1:7 Reverse Split (DRYS)

The stock is down 0.3129 (-37.56%) at 0.5201.
Two Tuesday press releases from the company via MarketWired (a Nasdaq company, WTH) [2nd WTH today]:

July 18, 2017 09:00 ET

DryShips Inc. Believes That Recently Filed Purported Class Action Lawsuit Is Without Merit and Intends to Defend Itself Vigorously 

ATHENS, GREECE--(Marketwired - Jul 18, 2017) - DryShips Inc. (NASDAQ: DRYS) (the "Company" or "DryShips"), a diversified owner of ocean going cargo vessels, announced today that on July 14, 2017, a purported class action complaint was filed in the United States District Court for the Southern District of New York (No. 1:17-cv-05368(JFK)) by Maxime Hodges on behalf of himself and all others similarly situated against the Company and two of its executive officers. The complaint alleges that the Company and two of its executive officers violated Sections 10(b) and/or 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
DryShips and its management believe that the complaint is without merit and plan to vigorously defend themselves against the allegations....MORE 

And a bit later:

July 18, 2017 16:05 ET

DryShips Inc. Announces Reverse Stock Split 

ATHENS, GREECE--(Marketwired - Jul 18, 2017) - DryShips Inc. (NASDAQ: DRYS) (the "Company" or "DryShips"), a diversified owner of ocean going cargo vessels, announced today that its Board of Directors (the "Board") has determined to effect a 1-for-7 reverse stock split of the Company's issued common shares. At the Company's annual general meeting of shareholders on May 2, 2017, the Company's shareholders approved the reverse stock split and granted the Board, or a duly constituted committee thereof, the authority to determine the exact split ratio and proceed with the reverse stock split....MORE

HT's: Markets Live for the heads up on the split; Professor Stephen William Hawking, B.A., Ph.D, Hon. Ph.D x12, CH, CBE, FRS, FRSA, in conversation with Dr. Sheldon Lee Cooper, B.S., M.S., M.A., Ph.D., Sc.D., for the neener-neener.

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