The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company's business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that (1) Northern Oil's compliance policies with respect to SEC regulations and the Company's Code of Business Conduct and Ethics were inadequate to detect and/or prevent misconduct by the Company's officers; (2) consequently, the Company's Chief Executive Officer ("CEO"), Defendant Michael Reger ("Reger"), was able to engage in illegal stock manipulation during his tenure at Northern Oil; (3) Reger was consequently unfit to serve as Northern Oil's CEO; and (4) as a result of the foregoing, Northern Oil's public statements were materially false and misleading at all relevant times. As a result of defendants' alleged false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on August 16, 2016, Northern Oil fired Reger as CEO after Reger told the Company that he had received a Wells Notice from the SEC and faced federal sanctions in connection with the SEC's investigation of 2012 trading patterns in the securities of Dakota Plains Holdings, Inc. ("Dakota Plains"), a company in which Reger initially invested in 2008. Northern Oil stated that Reger had been removed from the Company's board, effective immediately, and that the Company does not believe that Reger will be entitled to any severance payment.
On this news, shares of Northern Oil dropped over 6%, closing at $3.73 per share on August 16, 2016, on heavy trading volume.
If you are a member of the class, you may, no later than October 17, 2016, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information regarding this, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at email@example.com or visit: www.rmclasslaw.com/cases/nog. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
CONTACT: Ryan & Maniskas, LLP
Richard A. Maniskas, Esquire
995 Old Eagle School Rd., Suite 311
Wayne, PA 19087
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SOURCE Ryan & Maniskas, LLP