According to the law firm press release, the lawsuit alleges throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that: (1) Dakota Plains failed to disclose that Defendants had actual control of Dakota Plains’ business and operations; (2) Dakota Plains and its management colluded with Defendants to misappropriate Dakota Plains’ assets for Defendants' personal gains at the expenses of Dakota Plains investors; (3) Dakota Plains lacked effective and adequate internal control; and (4) as a result, Defendants’ public statements about Dakota Plains’ business, operations and prospects were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On April 7, 2017, the Court appointed Lead Plaintiff and Counsel. Lead Plaintiff filed an amended complaint on May 2.
A second amended Complaint was filed on July 10, 2017. Defendants filed a Motion to Dismiss the second amended Complaint on August 15. On March 20, 2018, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.