Patriot National Inc
0 DAYS LEFT TO SEEK LEAD PLAINTIFF STATUS
Case Summary | |
Company Name: | Patriot National Inc |
Stock Symbol : | NYSE: PN |
Class Period Start: | 08/15/2016 |
Class Period End: | 03/03/2017 |
Lead Plaintiff motion: | 05/15/2017 |
Date Filed: | 03/14/2017 |
Type of Case: | Securities Class Action |
Court: | U.S. District Court for the Southern District of New York |
Summary: | Thieler Law Corp advises investors with losses exceeding $100,000 of the May 15, 2017 lead plaintiff deadline in a class action lawsuit filed against Patriot National Inc (NYSE: PN) (“Patriot National” or “the Company”). The suit is pending in the U.S. District Court for the Southern District of New York and investors, who purchased Patriot National Inc securities between August 15, 2016 and March 3, 2017, have until May 15, 2017 to move for lead plaintiff. You do not need to move for lead plaintiff to be a member of the Class. If you purchased Patriot National Inc securities during the Class Period, and have losses over $100,000, you may contact Thieler Law Corp by calling at (619) 377 - 4324 or emailing mail@thielerlaw.com . No class has been certified in this case, and if your losses are less than $100,000 you are still a member of the class. The complaint alleges that during the Class Period defendants made false and misleading statements and/or allegedly failed to disclose that Patriot National special committee was beholden to CEO Steve Mariano; as such, the special committee was operating for the benefit of Mariano and not Patriot National or its shareholders; the special committee did not independently assess the merits of the Ebix transaction; the special committee was not exploring strategic alternatives in order to maximize shareholder value; and as a result, defendants’ statements about Patriot National’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis. On March 3, 2017, the Company revealed that it had entered into an agreement with Guarantee Insurance Group ("GIG") and Mariano, majority owner of both Patriot National and GIG, regarding the service agreements between the company and GIG's wholly-owned subsidiary Guarantee Insurance Company. Under the agreement, the company paid GIG $30 million. Additionally, Patriot National revealed that "[a]s further material inducements for the company's payment," GIG and Mariano agreed to a series of corporate and financial covenants, including that the company would not enter into any transaction with an affiliate of Mariano without the prior approval of a majority of independent directors. When the true details entered the market, the lawsuit claims that investors suffered damages. If you were negatively impacted by your investment in Patriot National Inc securities between August 15, 2016 and March 3, 2017 and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation. Thieler Law Corp purchases advertisements on search engines, social media sites and other websites. If you send us information, note that does not create an attorney-client relationship with the firm. Thieler Law Corp 2534 State Street - Suite 406, San Diego, CA 92101 by email: mail@thielerlaw.com or telephone at +1 (619) 377 - 4324 or visit our website http://www.thielerlaw.com/ or Facsimile: +1 (619) 785 – 3185 |