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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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