A lawsuit was filed on behalf of investors in Dakota Plains Holdings Inc (NYSEMKT:DAKP) shares over alleged securities laws violations and NYSEMKT:DAKP investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 12/20/2016 -- The Shareholders Foundation announced that an investor, who purchased shares of Dakota Plains Holdings Inc (NYSEMKT:DAKP), filed a lawsuit in New York over alleged violations of Federal Securities Laws by Dakota Plains Holdings Inc.
Investors who purchased shares of Dakota Plains Holdings Inc (NYSEMKT:DAKP) have certain options and for certain investors are short and strict deadlines running. Deadline: February 14, 2017. NYSEMKT:DAKP investors should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
The plaintiff claims that between March 23, 2012 and August 15, 2016 the Defendants made false and/or misleading statements and/or failed to disclose that Dakota Plains failed to disclose that Ryan Gilbertson and Michael L. Reger, co-founders of Dakota Plains predecessor company, had actual control of Dakota Plains' business and operations, that Dakota Plains and its management colluded with Gilbertson and Reger to misappropriate Dakota Plains' assets for Gilbertson and Reger's personal gains at the expenses of Dakota Plains investors, that Dakota Plains lacked effective and adequate internal control, and that as a result, Defendants' public statements about Dakota Plains' business, operations and prospects were materially false and misleading at all relevant times
On August 16, 2016, Northern Oil & Gas, Inc. announced that Michael L. Reger has been terminated as Northern's Chief Executive Officer and has ceased being a member of Northern's Board of Directors, effective immediately. Northern Oil & Gas, Inc said that it has cooperated with the Securities and Exchange Commission (the "SEC") in connection with an ongoing investigation of 2012 trading patterns in the securities of Dakota Plains Holdings, Inc. and that Mr. Reger was an initial investor in Dakota Plains Holdings Inc in 2008.
On October 31, 2016, the SEC announced that it charged Ryan Gilberston, a co-founder of Dakota Plains, "with manipulating [Dakota Plains'] stock price and concealing his control of the company to attain lucrative financial payouts." The SEC also announced that Dakota Plains' other co-founder, Michael Reger, agreed to pay nearly $8 million to settle separate charges against him in connection with the manipulation of Dakota Plains' stock price.
Those who purchased shares of Dakota Plains Holdings Inc have certain options and should contact the Shareholders Foundation.