Safirstein Metcalf LLP Announces That A Class Action Lawsuit Has Been Filed Against Northern Oil and Gas, Inc. – NOG
August 19, 2016 - 4:00 PM EDT
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Safirstein Metcalf LLP Announces That A Class Action Lawsuit Has Been Filed Against Northern Oil and Gas, Inc. - NOG
NEW YORK, Aug. 19, 2016 (GLOBE NEWSWIRE) -- Safirstein Metcalf LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired securities of Northern Oil and Gas, Inc. (“Northern Oil and Gas” or the “Company”) (NYSE:NOG) between March 1, 2013 and August 15, 2016 (the “Class Period”).
If you purchased securities of Northern Oil and Gas during the Class Period, you may, no later than October 17, 2016, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of all class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you would like more information about getting involved in the Northern Oil and Gas Securities Class Action, please contact Sheila Feerick at 1-800-221-0015, or email info@SafirsteinMetcalf.com
The complaint alleges that throughout the Class Period, defendants made materially false and misleading statements and/or failed to disclose that: (i) 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; (ii) consequently, the Company’s CEO, Defendant Michael Reger (“Reger”), was able to engage in illegal stock manipulation during his tenure at Northern Oil; and (iii) Reger was consequently unfit to serve as CEO.
On August 16, 2016, Northern Oil terminated Reger following his August 11, 2016 disclosure that he may face 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 initially invested in 2008.
Following this news, shares of Northern Oil dropped over 6%, closing at $3.73 per share on August 16, 2016, on heavy trading volume.
About Safirstein Metcalf LLP Safirstein Metcalf LLP focuses it practice on shareholder rights. The law firm also practices in the areas of antitrust and consumer protection. All of the Firm’s legal endeavors are rooted in its core mission: provide investor and consumer protection.
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Safirstein Metcalf LLP
Peter Safirstein, Esq.
1250 Broadway
27th Floor
New York, NY 10001
1-800-221-0015
info@SafirsteinMetcalf.com
