Patriot National, Inc.
Period: Aug 15, 2016 to Mar 3, 2017
Lead Plaintiff Deadline: May 15, 2017
Summary of Case:
A securities class action has been filed against Patriot National, Inc. (PN) on behalf of all persons and entities that acquired Patriot securities between Aug 15, 2016 to Mar 3, 2017. This case has been filed in the USDC - New York (Southern).
The Complaint alleges that 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 Chief Executive Officer Steve Mariano ("Mariano") and alleged related party transactions that served to benefit 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, Inc. 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 this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.