SAN FRANCISCO, Nov. 8, 2016 /PRNewswire/ -- Hagens Berman Sobol Shapiro LLP alerts investors in Dakota Plains Holdings, Inc. (OTHER OTC: DAKP) to the firm's investigation into securities fraud and to the SEC's stock manipulation securities fraud lawsuit against Dakota Plains co-founder Ryan Gilbertson.
If you purchased or otherwise acquired securities of Dakota after March 22, 2012, the date it merged with MTC Holding Corporation, and suffered significant losses, contact Hagens Berman Sobol Shapiro LLP. For more information visit:
or contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing DAKP@hbsslaw.com.
The SEC's lawsuit charges Gilbertson and others with illegal stock manipulation of Dakota shares. Dakota's co-founder, Michael Reger (the recently fired CEO and Chairman of Northern Oil and Gas) agreed to settle for nearly $8 million and is not named as a defendant in the SEC's lawsuit.
The SEC claims that Gilbertson and Reger secretly wielded control of Dakota, issued millions of shares of stock to themselves, family, and friends, extensively sold and purchased Dakota stock, caused the price to skyrocket to over $11 per share, and reaped millions of dollars for themselves. After Gilbertson's and Reger's manipulation scheme, Dakota's stock price then steadily declined to pennies per share and was delisted a few months ago.
"The SEC's allegations are quite specific, quoting text messages and other evidence that we're evaluating," said Hagens Berman Partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Dakota should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email DAKP@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. Read the Firm's Securities Newsletter, and visit the blog. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 510-725-3000
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SOURCE Hagens Berman Sobol Shapiro LLP