NEW YORK, Aug. 23, 2016 /PRNewswire/ -- Bronstein,
Gewirtz & Grossman, LLC notifies investors that a class action
lawsuit has been filed in the United States District Court,
Southern District of New York,
against Northern Oil and Gas, Inc. ("Northern Oil" or the
"Company") (NYSE: NOG) and certain of its officers. The class
action is on behalf of a class consisting of all persons or
entities who purchased Northern Oil securities between March 1, 2013 and August
15, 2016, inclusive (the "Class Period").
This class action seeks to recover damages against Defendants
for alleged violations of the federal securities laws under the
Securities Exchange Act of 1934 (the "Exchange Act").
Northern Oil is an energy company primarily in North Dakota and Montana, engaged in the acquisition,
exploration, development, and production of oil and natural gas
properties in the United
States.
The Complaint alleges that throughout the Class Period,
defendants made materially false and misleading statements
regarding the Company's business, operational and compliance
policies. Specifically, defendants made false and/or misleading
statements and/or failed to disclose that: (1) Northern Oil's
compliance policies in connection with the SEC regulations and the
Company's Code of Business Conduct and Ethics were insufficient to
identify and/or prevent misconduct by the Company's officers; (2)
consequently, Northern Oil's Chief Executive Officer ("CEO"),
Defendant Michael Reger, illegally
manipulated the stock during his tenure at Northern Oil; (3) Reger
was therefore unfit to serve as Northern Oil's CEO; and (4) as a
result of the above mentioned, Northern Oil's public statements
were materially false and misleading at all relevant
times.
On August 16, 2016, Northern Oil
fired its Chief Executive Officer, Michael
Reger, after he admitted to the Company that he is facing
sanctions in a U.S. Securities and Exchange Commission
investigation. Northern Oil said that Reger was sent a Wells
Notice from the SEC regarding its 2012 investigation of Dakota
Plains Holdings Inc. and its trading. Reger was an invested in
Dakota Plains Holdings Inc. since 2008. Northern Oil
announced that Reger was removed from its board, effective
immediately, and that Northern Oil does not believe that Reger will
be entitled to any severance payment. Following this news,
Northern Oil stock dropped $0.25 per
share, or 6.28%, to close at $3.73 on
August 16, 2016.
A class action lawsuit has already been filed. If you wish to
review a copy of the Complaint you can visit the firm's site:
http://www.bgandg.com/nog or you may contact Peretz Bronstein, Esq. or his Investor Relations
Analyst, Yael Hurwitz of Bronstein,
Gewirtz & Grossman, LLC at 212-697-6484 or via email
info@bgandg.com. Those who inquire by e-mail are encouraged to
include their mailing address and telephone number. 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.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation
boutique. Our primary expertise is the aggressive pursuit of
litigation claims on behalf of our clients. In addition to
representing institutions and other investor plaintiffs in class
action security litigation, the firm's expertise includes general
corporate and commercial litigation, as well as securities
arbitration. Attorney advertising. Prior results do not
guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
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SOURCE Bronstein, Gewirtz & Grossman, LLC