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 Dakota Plains Holdings, Inc. (Other OTC: DAKP) (“Dakota Plains” or the “Company”) securities during the period between March 23, 2012 and August 15, 2016, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until February 14, 2017 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 Dakota Plains 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 Ryan Gilbertson and Michael L. Reger, co-founders of a different Dakota Plains company, had control of Dakota Plains’ business and operations, that Dakota Plains and its management worked with Gilbertson and Reger to misuse the Company’s assets for Gilbertson and Reger’s sole benefits, and that Dakota Plains did not maintain effective and adequate internal control.
According to the complaint, following a December 15, 2015 press release disclosing that the United States Securities and Exchange Commission (“SEC”) filed a lawsuit to enforce compliance with document and testimony subpoenas related to an investigation into suspected stock manipulation, an April 16, 2016 article regarding Reger’s involvement in a deal that is under federal investigation, an August 16, 2016 termination of Reger, and an October 31, 2016 litigation release by the SEC that Gilbertson was charged with stock manipulation and it reached an $8 million dollar settlement with Reger, the value of Dakota Plains shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Dakota Plains securities purchased on or after March 23, 2012 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 hoffman@browerpiven.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.