STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Northern Oil and Gas, Inc. (NYSE MKT: NOG) (“Northern Oil” or the “Company”) securities during the period between March 1, 2013 and August 15, 2016, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until October 17, 2016 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Northern Oil securities during the Class Period. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that Northern Oil’s compliance policies with respect to U.S. Securities and Exchange Commission (“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 and, as a result, the Company’s Chief Executive Officer (“CEO”) was able to engage in illegal stock manipulation during his tenure with the Company.
According to the complaint, following an August 16, 2016 announcement by the Company that the CEO was fired after he 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., a company in which the CEO initially invested in 2008, the value of Northern Oil shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Northern Oil securities purchased on or after March 1, 2013 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at email@example.com or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.