NEW YORK, Aug. 23, 2016 /PRNewswire/ -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed in the United States District Court, Southern District of New York, against Northern Oil and Gas, Inc. ("Northern Oil" or the "Company") (NYSE: NOG) and certain of its officers. The class action is on behalf of a class consisting of all persons or entities who purchased Northern Oil securities between March 1, 2013 and August 15, 2016, inclusive (the "Class Period").
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
Northern Oil is an energy company primarily in North Dakota and Montana, engaged in the acquisition, exploration, development, and production of oil and natural gas properties in the United States.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (1) Northern Oil's compliance policies in connection with the SEC regulations and the Company's Code of Business Conduct and Ethics were insufficient to identify and/or prevent misconduct by the Company's officers; (2) consequently, Northern Oil's Chief Executive Officer ("CEO"), Defendant Michael Reger, illegally manipulated the stock during his tenure at Northern Oil; (3) Reger was therefore unfit to serve as Northern Oil's CEO; and (4) as a result of the above mentioned, Northern Oil's public statements were materially false and misleading at all relevant times.
On August 16, 2016, Northern Oil fired its Chief Executive Officer, Michael Reger, after he admitted to the Company that he is facing sanctions in a U.S. Securities and Exchange Commission investigation. Northern Oil said that Reger was sent a Wells Notice from the SEC regarding its 2012 investigation of Dakota Plains Holdings Inc. and its trading. Reger was an invested in Dakota Plains Holdings Inc. since 2008. Northern Oil announced that Reger was removed from its board, effective immediately, and that Northern Oil does not believe that Reger will be entitled to any severance payment. Following this news, Northern Oil stock dropped $0.25 per share, or 6.28%, to close at $3.73 on August 16, 2016.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/nog or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Northern Oil you have until October 17, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
SOURCE Bronstein, Gewirtz & Grossman, LLC