Northern Oil and Gas, Inc. (NYSE: NOG)
A class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Northern Oil and Gas, Inc. (NYSE: NOG) common stock between March 1, 2013 and August 15, 2016 (the “Class Period”).
The complaint charges Northern Oil and certain of its officers and/or directors with violations of the Securities Exchange Act of 1934. Northern Oil is an independent energy company engaged in the acquisition, exploration, development and production of oil and natural gas properties in the United States. The Company primarily holds interests in the Bakken and Three Forks formations in the Williston Basin of North Dakota and Montana.
The complaint alleges that throughout the Class Period, defendants made materially false and misleading statements and or failed to disclose adverse information regarding the Company's business, operations and compliance policies, including that 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, which allowed the Company's Chief Executive Officer, Michael Reger ("Reger"), to engage in illegal stock manipulation during his tenure at Northern Oil. As a result of these false statements and omissions, Northern Oil shares traded at artificially inflated prices during the Class Period, reaching close to $17 per share.
Then on August 16, 2016, Northern Oil fired Reger after Reger told the Company that he had received a letter from the SEC advising him that it intended to bring charges against him and that he faced federal sanctions in connection with the SEC's investigation of 2012 trading patterns in the securities of Dakota Plains Holdings, Inc, a company in which Reger had invested in 2008. Northern Oil stated that Reger had been removed from the Company's board, effective immediately, and that the Company did not believe that Reger was entitled to any severance payment. On this news, Northern Oil stock fell $0.25 per share, or more than 6%, to close at $3.73 per share on August 16, 2016.
If you are a current shareholder and purchased stock between March 1, 2013 and August 15, 2016, and would like to discuss your options of exercising your rights as a shareholder, please contact us.
Please submit the following information so we can determine if you qualify for the suit. If you don't know all the specific details, partial information is also acceptable.
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