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Oil Co. Escapes Securities Suit Claiming Knowledge Of Fraud

Law360, New York (January 11, 2018, 10:12 PM EST) -- A New York federal judge on Thursday dismissed a class action securities fraud suit against an energy firm whose CEO was fired after his involvement in a stock scam with another company was revealed, saying the shareholders hadn’t proven company officials knew of the scam when they released statements touting the CEO and their code of business conduct prior to his firing.

U.S. District Judge Edgardo Ramos said in his ruling that the plaintiff, a shareholder named Jeffrey Fries, hadn’t shown that officials with Minnesota-based Northern...
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Case Information

Case Title

Fries v. Northern Oil and Gas, Inc. et al


Case Number

1:16-cv-06543

Court

New York Southern

Nature of Suit

Securities/Commodities

Judge

Edgardo Ramos

Date Filed

August 18, 2016

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