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Case Status:   
On or around 06/21/2022 (Date of last review)

Filing Date: December 16, 2016

Dakota Plains Holdings, Inc. ("Dakota Plains") is primarily in the business of wholesale-petroleum bulk stations and terminals.

According to the law firm press release, the lawsuit alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1)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 8. The Issuer Defendant, Dakota Plains Holdings, Inc., was dropped from the third amended Complaint.

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. On November 11, Lead Plaintiff filed a fourth amended Complaint.

Defendants filed a Motion to Decertify the Class on September 21, 2020. On June 17, 2021, the Court issued an Order denying Defendants' Motion to Decertify the Class.

The Class Representative, on behalf of the Class, entered into a Stipulation and Agreement of Settlement with the Officer and Director Defendants on May 23, 2022. The Class also entered into a non-monetary Stipulation and Agreement of Settlement with one of the Officer Defendants on the same day. On June 6, the Court granted preliminary approval of the two proposed Settlements.

On June 7, 2022, the case went to trial and on June 14, a federal jury held after trial that the sole remaining Defendant was liable for securities fraud and control person fraud, but not for insider trading.

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