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id: 332, Created by Stan Vick Chase, Scout
Dakota Plains Holdings, Inc.
23 March 2012Class period Start
16 August 2016Class period End
25 October 2022Claim deadline
Gruber 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.
Jon D. Gruber
Abraham, Fruchter & Twersky LLP, Cera LLP (SF)
Southern District of New York
Hon. Jed S. Rakoff
Court hearing date
04 October 2022
+$13,950,000Total Settlement Amount