SAN FRANCISCO, Aug. 17, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP alerts investors in Northern Oil and Gas, Inc. of the Firm’s investigation into the possible violations of the securities laws.
If you purchased or otherwise acquired securities of Northern Oil and Gas, Inc. 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.
The investigation concerns the following events, among others. On August 11, 2016, CEO Michael Reger notified Northern Oil that the SEC made a preliminary determination to institute an enforcement action against him for violations of certain federal securities laws. The SEC decision relates to its ongoing investigation into certain financial transactions among Reger, two former Northern Oil executives, and another publicly traded company they helped start (Dakota Plains Holdings Inc. or “Dakota”).
On August 16, 2016, Northern Oil announced it fired Reger. The Company explained it “does not believe that Mr. Reger will be entitled to any severance payment in connection with his separation from the Company.” It also disclosed that Northern Oil will continue to cooperate with the SEC in its Dakota investigation.
In response to this news, the price of Northern Oil and Gas shares fell almost 6% to close at $3.73 per share on August 16, 2016.
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.