SAN DIEGO, Aug. 29, 2016 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed in New York on behalf of certain purchasers of shares of Northern Oil & Gas, Inc. (NYSEMKT:NOG) over alleged Securities Laws Violations by Northern Oil and Gas, Inc. The lawsuit seeks to recover damages for certain (NYSEMKT:NOG) investors.
Investors who purchased shares of Northern Oil & Gas, Inc. (NYSEMKT:NOG) have certain options and for certain investors there are short and strict deadlines running. Deadline: October 17, 2016. (NYSEMKT:NOG) investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants the defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose 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, that 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, that Reger was consequently unfit to serve as Northern Oil’s CEO, and that as a result of the foregoing, Northern Oil’s public statements were materially false and misleading at all relevant times.
On August 16, 2016, Northern Oil & Gas, Inc. (NYSEMKT:NOG) announced that Michael L. Reger has been terminated as Northern's Chief Executive Officer and has ceased being a member of Northern's Board of Directors, effective immediately. Northern Oil & Gas, Inc said that it has cooperated with the Securities and Exchange Commission (the “SEC”) in connection with an ongoing investigation of 2012 trading patterns in the securities of Dakota Plains Holdings, Inc. (“Dakota Plains”) and that Mr. Reger was an initial investor in Dakota Plains in 2008.
Northern Oil & Gas, Inc said that in connection with such investigation, on August 11, 2016, Mr. Reger notified the Company that he had received a “Wells Notice” from the Staff of the SEC on August 11, 2016. The Wells Notice stated that the Staff of the SEC has made a preliminary determination to recommend that the SEC institute an enforcement action against Mr. Reger, alleging violations of certain federal securities laws, including Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.
Those who purchased Northern Oil and Gas, Inc. shares should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.