WAYNE, Pa., Aug. 25, 2016 /PRNewswire/ -- Ryan &
Maniskas, LLP announces that a class action lawsuit has been filed
in 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").
Northern Oil shareholders may, no later than October 17, 2016, move the Court for appointment
as a lead plaintiff of the Class. If you purchased shares of
Northern Oil and would like to learn more about these claims or if
you wish to discuss these matters and have any questions concerning
this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877)
316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/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 are a member of the class, you may, no later than
October 17, 2016, request that the
Court appoint you as lead plaintiff of the class. A lead
plaintiff is a representative party that acts on behalf of other
class members in directing the litigation. In order to be
appointed lead plaintiff, the Court must determine that the class
member's claim is typical of the claims of other class members, and
that the class member will adequately represent the class.
Under certain circumstances, one or more class members may
together serve as "lead plaintiff." Your ability to share in
any recovery is not, however, affected by the decision whether or
not to serve as a lead plaintiff. You may retain Ryan &
Maniskas, LLP or other counsel of your choice, to serve as your
counsel in this action.
For more information regarding this, please contact Ryan &
Maniskas, LLP (Richard A. Maniskas,
Esquire) toll-free at (877) 316-3218 or by email at
rmaniskas@rmclasslaw.com or visit: www.rmclasslaw.com/cases/nog.
For more information about class action cases in
general or to learn more about Ryan & Maniskas, LLP, please
visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation
firm. Ryan & Maniskas, LLP is devoted to protecting the
interests of individual and institutional investors in shareholder
actions in state and federal courts nationwide.
CONTACT: Ryan & Maniskas, LLP
Richard A. Maniskas, Esquire
995 Old
Eagle School Rd., Suite 311
Wayne, PA
19087
484-588-5516
877-316-3218
www.rmclasslaw.com/cases/nog
rmaniskas@rmclasslaw.com
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