Investor Failed To Plead Misstatements, Scienter In Securities Suit, Judge Rules

Mealey's (January 16, 2018, 2:47 PM EST) -- NEW YORK — A lead plaintiff in a securities class action lawsuit against an energy company and certain of its current and former executive officers failed to plead any material misrepresentation or omissions or scienter to support his federal securities law claim that the defendants concealed that the company’s former CEO neglected his responsibilities to the company while secretly exercising control over another company that did significant business with the energy company, a federal judge in New York ruled Jan. 10 in granting the defendants’ motions to dismiss (Jeffrey Fries v. Northern Oil & Gas Inc., et al., No. 16-6543, S.D. N.Y., 2018 U.S. Dist. LEXIS 5307)....