SAN FRANCISCO, Oct. 11, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP reminds investors in Northern Oil and Gas, Inc. (NYSE: NOG ) that the Lead Plaintiff deadline in the securities class action lawsuit filed in the U.S. District Court for the Southern District of New York is October 17, 2016 .
If you purchased or otherwise acquired securities of Northern Oil and Gas, Inc. between March 1, 2013 and August 15, 2016 and suffered significant losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/NOG
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing NOG@hbsslaw.com .
Northern Oil and Gas allegedly failed to disclose that its internal compliance program inadequately detected violations of regulatory rules and the Company’s Code of Business Conduct. As a consequence, the Company’s CEO (Michael Reger) illegally manipulated NOG stock.
On August 11, 2016, Reger notified the Company that the S.E.C. would institute an enforcement action against him for violations of federal securities laws. The S.E.C.’s decision concerns an ongoing investigation into certain financial transactions between Reger, two former Northern Oil executives, and another publicly traded company that the three executives helped form, Dakota Plains Holdings Inc.
On August 16, 2016, Northern Oil and Gas announced its termination of Reger and explained it “does not believe that Mr. Reger will be entitled to any severance payment in connection with his separation from the Company.” The Company also disclosed that it will continue to cooperate with the S.E.C. in its Dakota Plains Holdings investigation. Reger responded by suing Northern Oil for wrongful termination.
News of the scandal drove the price of Northern Oil and Gas shares down 6% to close at $3.73 per share on August 16, 2016.
“This type of loose compliance usually means management cannot be trusted,” said Hagens Berman partner Reed Kathrein. “Certainly investors would want to know this sort of information before deciding to invest their money in a company.”
Whistleblowers: Persons with non-public information regarding Northern Oil and Gas, Inc. should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email NOG@hbsslaw.com .
About Hagens Berman Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com . Read the Firm’s Securities Newsletter , and visit the blog . For the latest news visit our newsroom or follow us on Twitter at @classactionlaw .
Contact: Reed Kathrein, 510-725-3000
