NEW YORK, Dec. 16, 2016 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Dakota Plains Holdings, Inc. (“Dakota Plains” or the “Company”) (OTC:DAKP) in the United States District Court for the Southern District of New York on behalf of purchasers of common stock of Dakota Plains between March 23, 2012 through August 15, 2016 (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the Securities Exchange Act of 1934.
According to the Complaint, Defendants made false and/or misleading statements and/or did not reveal that: (1) Dakota Plains failed to disclose that Ryan Gilbertson and Michael L. Reger, co-founders of Dakota Plains predecessor company, had actual control of Dakota Plains’ business and operations; (2) Dakota Plains and its management colluded with Gilbertson and Reger to misappropriate Dakota Plains’ assets for Gilbertson and Reger’s personal gain at the expenses of Dakota Plains investors; (3) Dakota Plains lacked effective and adequate internal controls; and (4) as a result, Defendants’ public statements about Dakota Plains’ business, operations and prospects were materially false and misleading at all relevant times. When the true details entered the market, the Complaint alleges that investors suffered monetary damages.
If you wish to serve as lead plaintiff, you must move the Court no later than February 14, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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