Diana Containerships Reports Third Quarter Loss


 
 
11:28 11/17/2017

Athens, Greece based Diana Containerships Inc. DCIX  today bounced after reporting a third quarter loss. The company reported a net loss of $8.7 million for the third quarter of 2017, compared to a net loss of $126.8 million for the same period of 2016. The loss for the third quarter of 2016 reflected the result of impairment charges for seven of the Company’s vessels.



The company’s net income for the nine months ended September 30, 2017 amounted to $20.4 million, compared to a net loss of $140.6 million for the same period of 2016. The net income for the nine months ended September 30, 2017 reflected a gain from a debt write-off, arising from the settlement agreement with respect to the secured loan facility with the Royal Bank of Scotland plc (“RBS”), which was signed on June 30, 2017.

The latest class action lawsuit press release hitting the wires yesterday from Pomerantz LLP reminding shareholders with losses in DCIX  of the class action lawsuit and pending deadline. It stated that a lawsuit has been filed against Diana Containerships Inc. and certain of its officers. The class action, filed in United States District Court, Eastern District of New York, and docketed under 17-cv-06236, is on behalf of a class consisting of investors who purchased or otherwise acquired Diana securities, seeking to recover compensable damages caused by defendants' violations of the Securities Exchange Act of 1934.

The stock had been on an 8 day correction phase after having a monster 3 day rally about a week ago. After bouncing right off the 50 day moving average, the stock rallied over 150 percent to an intraday high of $17.34.

Diana Containerships shares have dropped 100 percent since the beginning of the year. The stock has decreased 100 percent in the last 12 months.


This article has been provided by a Chasing Markets contributor. All content submitted by this author represent their personal opinions, and should be considered as such for entertainment purpose only. All opinions expressed are those of the writer, and may not necessarily represent fact, opinions, or bias of Chasing Markets.
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