DAKP.US
id: 332
S.D. New York
Court03/23/2012
Class period Start08/16/2016
Class period End10/25/2022
Claim deadlineGruber v. Gilbertson, et al.
Dakota Plains agreed to pay $13.95 million to settle a securities class action lawsuit accusing the Company of multiple felonies.
The lawsuit alleged that Dakota and its Leaders made false and/or misleading statements and/or failed to disclose that:
- They had actual control of Dakota Plains’ business and operations;
- Dakota Plains and its management colluded to misappropriate Dakota Plains’ assets for personal gains at the expenses of Dakota Plains investors;
- Dakota Plains lacked effective and adequate internal control;
As a result, the Company's public statements about business, operations, and prospects were materially false and misleading at all relevant times and led to investors suffering damages.
Dakota Plains agreed to settle with investors to avoid further litigation.
Case Status
Disbursed
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Plaintiffs
Jon D. Gruber
Attorneys
Abraham, Fruchter & Twersky LLP, Cera LLP (SF)
Judge
Hon. Jed S. Rakoff
Administrator
Angeion
Court hearing date
10/04/2022
Trades matching type
FIFO
Disbursement date
02/22/2024
+$13,950,000
Cash Settlement Amount