Robbins Arroyo LLP: Northern Oil and Gas, Inc. (NOG) Misled Shareholders According to a Recently Filed Class Action
August 23 2016 - 6:54PM
Business Wire
Shareholder rights law firm Robbins Arroyo LLP announces that a
class action complaint was filed against Northern Oil and Gas, Inc.
(NYSE MKT: NOG) in the U.S. District Court for the Southern
District of New York. The complaint is brought on behalf of all
purchasers of Northern securities between March 1, 2013 and August
15, 2016, for alleged violations of the Securities Exchange Act of
1934 by Northern's officers and directors. Northern is an
independent energy company that engages in the acquisition,
exploration, development, and production of oil and natural gas
properties in the United States.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/northern-oil-and-gas-inc
Northern Accused of Misleading Investors About Its Compliance
Inadequacies
According to the complaint, throughout the class period,
Northern submitted several filings with the U.S. Securities and
Exchange Commission ("SEC") detailing the company's Code of
Business Conduct and Ethics (the "Code"). The Code states that
"senior executives and financial officers hold an important and
elevated role in maintaining a commitment to (i) honest and ethical
conduct, (ii) full, fair, accurate, timely and understandable
disclosure in the Company's public communications, and (iii)
compliance with applicable government rules and regulations."
Northern's filings also certified that the financial information
was accurate and disclosed any material changes to the company's
internal control over financial reporting.
However, the complaint alleges that Northern officials failed to
disclose that the company's compliance policies with respect to SEC
regulations and the Code were inadequate to detect or prevent
misconduct by Northern's officers. Consequently, the company's
Chief Executive Officer, Michael Reger, was able to engage in
illegal stock manipulation during his tenure at Northern and was
thus unfit to serve as Northern's CEO. On August 16, 2016, Northern
fired Reger after he revealed to 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., a company in which
Reger initially invested in 2008. On this news, Northern stock fell
$0.25 per share, or 6.28%, to close at $3.73 per share on August
16, 2016.
Northern Shareholders Have Legal Options
Concerned shareholders who would like more information about
their rights and potential remedies can contact attorney Darnell R.
Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the
shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
shareholder rights law. The firm represents individual and
institutional investors in shareholder derivative and securities
class action lawsuits, and has helped its clients realize more than
$1 billion of value for themselves and the companies in which they
have invested.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: http://www.businesswire.com/news/home/20160823006329/en/
Robbins Arroyo LLPDarnell R. Donahue(619) 525-3990 or Toll Free
(800) 350-6003DDonahue@robbinsarroyo.comwww.robbinsarroyo.com
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