Company Website:
http://www.robbinsarroyo.com
SAN DIEGO & FORT LAUDERDALE, Fla. -- (Business Wire)
Shareholder rights law firm Robbins Arroyo LLP announces
that a lawsuit was filed against current and former members of the board
of directors of Patriot National, Inc. (NYSE: PN) in the U.S. District
Court for the Southern District of New York. The complaint is brought
for alleged violations of the Securities Exchange Act of 1934 by Patriot
National's officers and directors. Patriot National, together with its
subsidiaries, provides technology-enabled outsourcing solutions within
the workers compensation marketplace for insurance carriers, local
governments, reinsurance captives, and other employers in the United
States.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/patriot-national-inc-aug-2017
Patriot National Accused of Failing to Make Good on Contractual
Obligations
According to the complaint, on December 13, 2015, Hudson Bay Master Fund
Ltd. ("Hudson Bay") entered into an agreement with Patriot National and
its controlling shareholder, President, Chief Executive Officer and
Chairman of its board of directors, Steven Mariano (the "Initial
Transaction"). The Initial Transaction consisted of a Securities
Purchase Agreement that provided for the sale of restricted,
unregistered shares and the issuance of Series A and Series B warrants.
When Patriot National's stock price dropped upon the announcement of the
Initial Transaction, Patriot National's board negotiated a new agreement
in which Hudson Bay would return a portion of the shares it had
purchased from Patriot National and receive new warrants (the "New
Warrants"). The complaint alleges that the New Warrants were used as a
false promise to induce Hudson Bay to agree to the new agreement and
invest in the company. When Hudson Bay sought to exercise the New
Warrants, the Patriot National board refused to have the company deliver
the shares in violation of its contractual commitments.
Patriot National Shareholders Have Legal Options
Concerned shareholders who would like more information about their
rights and potential remedies can contact attorney Leonid Kandinov at
(800) 350-6003, LKandinov@robbinsarroyo.com,
or via the shareholder
information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional investors
in shareholder derivative and securities class action lawsuits, and has
helped its clients realize more than $1 billion of value for themselves
and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170821005843/en/
Contacts:
Robbins Arroyo LLP
Leonid Kandinov
LKandinov@robbinsarroyo.com
(619)
525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
Source: Robbins Arroyo LLP
© 2024 Canjex Publishing Ltd. All rights reserved.