STEVENSON, Md. -- (Business Wire)
The securities litigation law firm of Brower Piven, A Professional
Corporation, announces that a class action lawsuit has been commenced in
the United States District Court for the Southern District of New York
on behalf of purchasers of Patriot National, Inc. (NYSE: PN) (“Patriot
National” or the “Company”) securities during the period between August
15, 2016 through March 3, 2017, inclusive (the “Class Period”).
Investors who wish to become proactively involved in the litigation have
until May 15, 2017 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the class, you must
apply to be appointed lead plaintiff and be selected by the Court. The
lead plaintiff will direct the litigation and participate in important
decisions including whether to accept a settlement for the class in the
action. The lead plaintiff will be selected from among applicants
claiming the largest loss from investment in Patriot National securities
during the Class Period. Members of the class will be represented by the
lead plaintiff and counsel chosen by the lead plaintiff. No class has
yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities
Exchange Act of 1934 by virtue of the defendants’ failure to disclose
during the Class Period that: the Patriot National special committee was
beholden to Steve Mariano (“Mariano”), the Chairman of the Board of
Directors and the Chief Executive Officer; the special committee was
operating for the benefit of Mariano; the special committee did not
independently assess the merits of the Ebix, Inc. transaction; and, the
special committee was not exploring strategic alternatives in order to
maximize shareholder value.
According to the complaint, following a March 3, 2017 announcement that
the Company entered into an agreement with Guarantee Insurance Group
(“GIG”) and Mariano regarding the service agreements between the Company
and GIG’s wholly-owned subsidiary, Guarantee Insurance Company (“GIC”),
that GIG and Mariano agreed to a series of corporate governance and
financial covenants, and that GIG agreed to cause GIC to not issue any
dividends or distributions, the value of Patriot National shares
declined significantly.
If you have suffered a loss in excess of $100,000 from investment in
Patriot National securities purchased on or after August 15, 2016 and
held through the revelation of negative information during and/or at the
end of the Class Period and would like to learn more about this lawsuit
and your ability to participate as a lead plaintiff, without cost or
obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html.
You may also request more information by contacting Brower Piven either
by email at hoffman@browerpiven.com
or by telephone at (410) 415-6616. Brower Pivenalso encourages
anyone with information regarding the Company’s conduct during the
period in question to contact the firm, including whistleblowers, former
employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating
securities and other class action cases and have been advocating for the
rights of shareholders since the 1980s. If you choose to retain counsel,
you may retain Brower Piven without financial obligation or cost to you,
or you may retain other counsel of your choice. You need take no action
at this time to be a member of the class.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170420006621/en/
Contacts:
Brower Piven, A Professional Corporation
Charles J. Piven,
410-415-6616
1925 Old Valley Road
Stevenson, Maryland 21153
hoffman@browerpiven.com
Source: Brower Piven, A Professional Corporation
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