Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against Patriot National, Inc.
Oklahoma City, OK (March 16, 2017) – On March 14, 2017, a securities class action lawsuit was filed in the United States District Court for the Southern District of New York against Patriot National, Inc. (NYSE: PN). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is August 15, 2016 through March 3, 2017. More specifically, this litigation was filed because the Company failed to disclose that (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.
Plaintiff seeks to recover damages on behalf of all Patriot National, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Monday, May 15, 2017 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
To join this class action, click here to obtain an investor certification. Once complete, please email this form to email@example.com, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Robin.
Posted on Thu, March 16, 2017
by Nancy Beatty filed under