| After
Fraudster Gilbertson Dakota Plains Urges
Decertification Citing Scienter in SDNY
By Matthew
Russell Lee, Patreon
BBC
- Guardian
UK - Honduras
- ESPN
SDNY COURTHOUSE,
Dec 21 – 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 U.S.
District Court for the
Southern District of New York
Judge William H. Pauley held 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.
The case is Jon
D. Gruber v. Ryan R.
Gilbertson, et al., 16-cv-9727
(Pauley)
***
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