The Shareholders Foundation announced that a deadline is coming up on October 17, 2016 in the lawsuit filed for certain investors in NYSEMKT:NOG shares over alleged securities laws violations by Northern Oil & Gas, Inc.
Investors who purchased shares of Northern Oil & Gas, Inc. (NYSEMKT:NOG) have certain options and there are strict and short deadlines running. Deadline: October 17, 2016. NYSEMKT:NOG stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the complaint filed in the U.S. District Court for the Southern District of New York the plaintiff alleges on behalf of certain purchasers of Northern Oil & Gas, Inc. (NYSEMKT:NOG) that 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. Shares of Northern Oil & Gas, Inc. (NYSEMKT:NOG) declined to as low as $3.61 per share on August 17, 2016.
On October 14, 2016, NYSEMKT:NOG shares closed at $2.35 per share.
Those who purchased NYSEMKT:NOG shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com