WILMINGTON, Del., Aug. 19, 2016 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Northern Oil and Gas, Inc. (NYSE:NOG)?
- Did you purchase your shares between March 1, 2013 and August 15, 2016, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the common stock of Northern Oil and Gas, Inc. (“Northern Oil” or the “Company”) (NYSE MKT:NOG) between March 1, 2013 and August 15, 2016, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Northern Oil during the Class Period, or purchased shares prior to the Class Period and still hold Northern Oil, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com; or at: http://rigrodskylong.com/investigations/northern-oil-and-gas-inc-nog.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) 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; (2) 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; (3) Reger was consequently unfit to serve as Northern Oil’s CEO; and (4) as a result of the foregoing, Northern Oil’s public statements were materially false and misleading at all relevant times. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on August 16, 2016, Northern Oil fired Reger as CEO after Reger told the Company that he had received a Wells Notice from the SEC and faced federal sanctions in connection with the SEC’s investigation of 2012 trading patterns in the securities of Dakota Plains Holdings, Inc. (“Dakota Plains”), a company in which Reger initially invested in 2008. Northern Oil stated that Reger had been removed from the Company’s board, effective immediately, and that the Company does not believe that Reger will be entitled to any severance payment.
On this news, shares of Northern Oil dropped over 6%, closing at $3.73 per share on August 16, 2016, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than October 17, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed 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.
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