SAN FRANCISCO, Aug. 19, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP alerts investors in Northern Oil and Gas, Inc. (NYSE:NOG) to the October 17, 2016 Lead Plaintiff deadline in the securities class action lawsuit filed in the United States District Court for the Southern District of New York.
To all investors of NOG: If you purchased or otherwise acquired securities of Northern Oil and Gas, Inc. between March 1, 2013 and August 15, 2016 and suffered significant losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/NOG
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing NOG@hbsslaw.com.
The class action involves the alleged failure of Northern Oil to disclose the failure to comply with SEC regulations and the Company’s Code of Business Conduct. In particular, these failures lead to the non-disclosure of alleged illegal stock manipulation by the Company’s CEO.
On August 11, 2016, CEO Michael Reger notified Northern Oil that the SEC preliminarily determined it would institute an enforcement action against him for violations of certain federal securities laws. The SEC decision relates to its ongoing investigation into certain financial transactions among Reger, two former Northern Oil executives, and another publicly traded company they helped start (Dakota Plains Holdings Inc. or “Dakota”).
On August 16, 2016, Northern Oil announced it fired Reger. The Company explained it “does not believe that Mr. Reger will be entitled to any severance payment in connection with his separation from the Company.” It also disclosed that Northern Oil will continue to cooperate with the SEC in its Dakota investigation.
In response to this news, the price of Northern Oil and Gas shares fell 6% to close at $3.73 per share on August 16, 2016.
“This type of loose compliance usually means management cannot be trusted,“ said Hagens Berman partner Reed Kathrein. “Certainly investors would want to know this sort of information before deciding to entrust their money in a company.”
Whistleblowers: Persons with non-public information regarding Northern Oil and Gas, Inc. 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 NOG@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.