Cases
Patriot National, Inc. (NYSE: PN)
Securities Class Action
Overview
Overview
- Date:
- 3/23/2017
- Company Name:
- Patriot National, Inc.
- Stock Symbol:
- PN
- Class Period:
- FROM 8/15/2016 TO 3/3/2017
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Southern District of New York
NEW YORK, March 23, 2017 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who acquired Patriot National, Inc. (NYSE: PN) securities between August 15, 2016 and March 3, 2017 (the “Class Period”).
According to the Complaint, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the alleged breaches of fiduciary duty by Patriot National CEO Steve Mariano, and alleged related party transactions that served to benefit Mr. Mariano to the detriment of other Company shareholders. Specifically, the complaint alleges that Defendants failed to disclose: (1) that the Patriot National special committee was beholden to Mariano; (2) that, as such, the special committee was operating for the benefit of Mariano, and not the Company or its shareholders; (3) that the special committee did not independently assess the merits of the Ebix transaction; (4) that the special committee was not exploring strategic alternatives in order to maximize shareholder value; and (5) that, as a result of the foregoing, Defendants’ statements about Patriot National’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
If you purchased or otherwise acquired Patriot National securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa A. Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
According to the Complaint, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the alleged breaches of fiduciary duty by Patriot National CEO Steve Mariano, and alleged related party transactions that served to benefit Mr. Mariano to the detriment of other Company shareholders. Specifically, the complaint alleges that Defendants failed to disclose: (1) that the Patriot National special committee was beholden to Mariano; (2) that, as such, the special committee was operating for the benefit of Mariano, and not the Company or its shareholders; (3) that the special committee did not independently assess the merits of the Ebix transaction; (4) that the special committee was not exploring strategic alternatives in order to maximize shareholder value; and (5) that, as a result of the foregoing, Defendants’ statements about Patriot National’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
If you purchased or otherwise acquired Patriot National securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa A. Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.