Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against Pattern Energy Group, Inc.
Oklahoma City, OK (November 15, 2016) – On November 11, 2016, a securities class action lawsuit was filed in the United States District Court for the Northern District of California against Pattern Energy Group, Inc. (NASDAQ: PEGI). 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 May 9, 2016 through November 4, 2016. More specifically, this litigation was filed because the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the Company’s operations were deficient with respect to various transactions, process level, and monitoring controls; (2) as a result, the Company lacked effective internal financial controls; and (3) as a result, the Company’s public statements were materially false and misleading.
Specifically, on November 7, 2016, the Company announced its results for the quarter ended September 30, 2016. The Company stated that its internal controls were “not effective as of September 30, 2016, due to the aggregation of internal control deficiencies related to the implementation, design, maintenance and operating effectiveness of various transaction, process level, and monitoring controls.”
On this news, the Company’s share price fell from $21.62 per share to closed at $20.86 per share on November 7, 2016.
Plaintiff seeks to recover damages on behalf of all Pattern Energy Group, 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 Tuesday, January 10, 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 firstname.lastname@example.org, 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 Wed, November 16, 2016
by Robin Hester filed under