Levi & Korsinsky announces the commencement of a class action lawsuit in the USDC for the Southern District of New York on behalf of shareholders of Northern Oil and Gas, Inc. (NYSE MKT: NOG) (“Northern Oil” or “the Company”) who purchased shares between March 1, 2013 and August 15, 2016.
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.
If you suffered a loss in Northern Oil you have until October 17, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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