STEVENSON, Md., March 17, 2017 (GLOBE NEWSWIRE) -- 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 Piven also 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.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616 hoffman@browerpiven.com
