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SAN FRANCISCO, Dec. 20, 2016 -- Hagens Berman Sobol Shapiro LLP alerts investors in Dakota Plains Holdings, Inc. (OTHER OTC:DAKP) to the recently filed securities class action filed in the United States District Court for the Southern District of New York and to the February 14, 2017 Lead Plaintiff deadline.
If you purchased or otherwise acquired securities of Dakota Plains between March 23, 2012 and August 15, 2016 and suffered significant losses, contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/DAKP
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing [email protected].
The U.S. Securities and Exchange Commission (“SEC”) unearthed evidence of an illegal Dakota stock manipulation scheme whereby the defendants secretly wielded control of Dakota; issued millions of shares of stock to themselves, family, and friends; extensively sold and purchased Dakota stock; caused Dakota’s price to skyrocket to over $11 per share; and reaped millions of dollars for themselves in the process.
One of the defendants, Michael Reger (the recently fired CEO and Chairman of Northern Oil and Gas), opted to settle the SEC’s charges against him for nearly $8 million.
After the defendants’ manipulation scheme, Dakota’s stock price steadily declined to pennies per share and was delisted a few months ago.
“The SEC’s allegations are quite specific, quoting text messages and other evidence that support the securities class action,” said Hagens Berman Partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Dakota 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 [email protected].
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
