A US federal judge has soundly rejected securities-fraud allegations against Greek shipowner Top Ships and financier Kalani Investments, ending a shareholder lawsuit designed to achieve class-action status.
In tossing out the suit against Evangelos Pistiolis-led Top Ships, US District Judge Brian M Cogan also ruled there would be no opening for the plaintiffs to lodge a revised complaint.
The lawsuit had been one of three focused on financing of Greek shipowners by Kalani, a firm based in the British Virgin Islands and controlled by Toronto-based Marc Bistricer and his hedge fund, Murchison Ltd.
