NEW YORK, March 15, 2017 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Patriot National, Inc. (“Patriot National” or the “Company”) (NYSE: PN ) of the May 15, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Patriot National securities between August 15, 2016, and March 3, 2017 (the “Class Period”). The case, Gingello v. Patriot National, Inc. et al , No. 1:17-cv-01866 was filed on March 14, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making 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 (“Mariano”), and alleged related party transactions that served to benefit Mariano to the detriment of the Company shareholders.
Specifically, the lawsuit alleges that the Company failed to disclose that: (1) the Patriot National special committee was beholden to Mariano; (2) the special committee was operating for the benefit of Mariano, and not the Company or its shareholders; (3) the special committee did not independently assess the merits of the Ebix transaction; (4) the special committee was not exploring strategic alternatives in order to maximize shareholder value; and (5) as a result, the Company’s statements about its business, operations, and prospects were false and misleading and/or lacked a reasonable basis. Investors began to learn the truth regarding Patriot National through a series of disclosures, which negatively impacted the price of the Company’s stock.
Request more information now by clicking here: www.faruqilaw.com/PN . There is no cost or obligation to you.
Take Action
If you invested in Patriot National securities between August 15, 2016, and March 3, 2017and would like to discuss your legal rights, visit www.faruqilaw.com/PN . You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com . Faruqi & Faruqi, LLP also encourages anyone with information regarding Patriot National’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ( www.faruqilaw.com ). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
FARUQI & FARUQI, LLP 685 Third Avenue, 26th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. rgonnello@faruqilaw.com Telephone: (877) 247-4292 or (212) 983-9330
