The investigation concerns whether Northern Oil and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On August 16, 2016, Northern Oil fired Michael Reger as Chief Executive Officer after Mr. Reger told the Company that he faces sanctions in a U.S. Securities and Exchange Commission ("SEC") investigation. The Company reported that Mr. Reger had received a Wells Notice from the SEC in connection with its investigation of 2012 trading patterns in the securities of Dakota Plains Holdings Inc., a company in which Mr. Reger was an initial investor in 2008. Northern Oil stated that Mr. Reger has 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, Northern Oil stock has fallen $0.31, or 7.79%, to $3.67 during intraday trading on August 16, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP