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After Fraudster Gilbertson Dakota Plains Cited Scienter, Jan 2022 Trial in SDNY Not Hawaii

By Matthew Russell Lee, Patreon
BBC - Guardian UK - Honduras - ESPN

SDNY COURTHOUSE, August 4 –  Bankrupt oil company Dakota Plains Holdings is seeking to decertify a class of investors suing for fraud after Dakota's Ryan Gilbertson was convicted of stock manipulation. 

  On December 21, 2020 in the U.S. District Court for the Southern District of New York there was a proceeding. Inner City Press covered it, and live tweeted some of it, here:

First up is Michael Rowe, saying there were other reasons for Dakota Plains' collapse, including a train crash near Montreal. 

Now argument turns to "Daubert" - that is, experts. Oral argument bingo: scienter. 

Now Mr. [Karl Jon] Breyer: Both Reger and Gilbertson both denied they owned more than 5% of the companies stock...

 The officers and director did the best as they could, they found nothing they had to disclose to the public, they don't have to disclose suspicions 

Plaintiffs' counsel: Our exhibit 119 is what the officers and directors privately disclosed to the SEC about what they said was securities fraud by Gilbertson... That should be sufficient to defeat this motion.  

Now on August 4, Judge Jed S. Rakoff held a proceeding, after reading a jury his legal instructions in US v. Sidney Scales. For this case, a trial date had to be selected.

One of the lawyers said two weeks in December were not possible. Judge Rakoff asked, Why not? The lawyer said, a vacation in Hawaii.

 Judge Rakoff joked, then the trial will have to be moved to Hawaii in December! But now it is set for January 31, in New York.

The case is Jon D. Gruber v. Ryan R. Gilbertson, et al., 16-cv-9727 (Rakoff)


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