Dakota Plains Holdings, Inc. Securities Litigation
On or around 10/09/2019 (Ongoing date of last review)
Filing Date: December 16, 2016
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. Lead Plaintiff filed a Motion to Certify a Class in this action on January 29, 2019 and filed a third amended Complaint on March. On September 17, the Court issued an Order granting Plaintiff's Motion for Class Certification. Lead Plaintiff filed a redacted version of the third amended Complaint on September 25.
Company & Securities Information
Defendant: Dakota Plains Holdings, Inc.
Industry: Oil & Gas Operations
Headquarters: United States
Ticker Symbol: DAKP
Company Market: OTC-BB
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Steven Deardeuff, et al. v. Dakota Plains Holdings, Inc., et al.