According to the law firm press release, Northern Oil is an independent energy company engaged in the acquisition, exploration, development, and production of oil and natural gas properties in the United States. The Company primarily holds interests in the Bakken and Three Forks formations in the Williston Basin of North Dakota and Montana.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) Northern Oil’s compliance policies with respect to 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; (ii) consequently, Defendant was able to engage in illegal stock manipulation during his tenure at Northern Oil; (iii) Defendant was consequently unfit to serve as Northern Oil’s CEO; and (iv) as a result of the foregoing, Northern Oil’s public statements were materially false and misleading at all relevant times.
On May 5, 2017, the Court appointed Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated complaint on July 6.
On August 21, 2017, Defendants filed a Motion to Dismiss the Consolidated Amended Complaint. On January 11, 2018, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to file an amended complaint.