Cases
Northern Oil and Gas, Inc. (NYSEMKT: NOG)
Securities Class Action
Overview
Overview
- Date:
- 8/23/2016
- Company Name:
- Northern Oil and Gas, Inc.
- Stock Symbol:
- NOG
- Class Period:
- FROM 3/1/2013 TO 8/15/2016
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Southern District of New York
NEW YORK, August 23, 2016 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the New York Southern District Court on behalf of all persons or entities who acquired Northern Oil and Gas, Inc. (NYSEMKT: NOG) securities between March 1, 2013 to August 15, 2016 (the “Class Period”).
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Companys business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) Northern Oils compliance policies with respect to SEC regulations and the Companys Code of Business Conduct and Ethics were inadequate to detect and/or prevent misconduct by the Companys officers; (ii) consequently, the Companys Chief Executive Officer (CEO), Defendant Michael Reger (Reger), was able to engage in illegal stock manipulation during his tenure at Northern Oil; (iii) Reger was consequently unfit to serve as Northern Oils CEO; and (iv) as a result of the foregoing, Northern Oils public statements were materially false and misleading at all relevant times.
On August 16, 2016, Northern Oil fired Reger as CEO after Reger told the Company that he had received a Wells Notice[1] from the SEC and faced federal sanctions in connection with the SECs investigation of 2012 trading patterns in the securities of Dakota Plains Holdings, Inc, a company in which Reger initially invested in 2008.
Northern Oil stated that Reger had been removed from the Companys board, effective immediately, and that the Company does not believe that Reger will be entitled to any severance payment. On this news, Northern Oil stock fell $0.25, or 6.28%, to close at $3.73 on August 16, 2016.
If you acquired Northern Oil and Gas, Inc. securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Companys business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) Northern Oils compliance policies with respect to SEC regulations and the Companys Code of Business Conduct and Ethics were inadequate to detect and/or prevent misconduct by the Companys officers; (ii) consequently, the Companys Chief Executive Officer (CEO), Defendant Michael Reger (Reger), was able to engage in illegal stock manipulation during his tenure at Northern Oil; (iii) Reger was consequently unfit to serve as Northern Oils CEO; and (iv) as a result of the foregoing, Northern Oils public statements were materially false and misleading at all relevant times.
On August 16, 2016, Northern Oil fired Reger as CEO after Reger told the Company that he had received a Wells Notice[1] from the SEC and faced federal sanctions in connection with the SECs investigation of 2012 trading patterns in the securities of Dakota Plains Holdings, Inc, a company in which Reger initially invested in 2008.
Northern Oil stated that Reger had been removed from the Companys board, effective immediately, and that the Company does not believe that Reger will be entitled to any severance payment. On this news, Northern Oil stock fell $0.25, or 6.28%, to close at $3.73 on August 16, 2016.
If you acquired Northern Oil and Gas, Inc. securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.