Pawar Law Group Announces Filing of Securities Class Action Lawsuit Against Patriot National, Inc. – PN

NEW YORK, NY / ACCESSWIRE / March 15, 2017 / The Pawar Law Group announces a class action lawsuit on behalf of Patriot National, Inc. (NYSE: PN) investors who purchased Patriot National stock between August 15, 2016 and March 3, 2017, inclusive (the “Class Period”). The suit is for recovery of investor losses.

To participate in this class action lawsuit, visit the firm’s website at http://pawarlawgroup.com/cases/patriot-national-inc/ or email Vik Pawar, Esq. at vik@pawarlawgroup.com or call toll free at (866) 999-0873.

No class has been certified in the above action yet. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member.

According to the complaint, 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 CEO Steve Mariano, and alleged related party transactions that served to benefit Mr. 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 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. When the true details entered the market, the lawsuit claims that investors suffered damages.

If you wish to serve as lead plaintiff, you must move the Court no later than May 15, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You may join the case here: http://pawarlawgroup.com/cases/patriot-national-inc/ or email Vik Pawar, Esq. at vik@pawarlawgroup.com

Contact:

Vik Pawar, Esq.
Pawar Law Group
20 Vesey Street, Suite 1210
New York, NY 10007
Tel: (212) 571-0805
Fax: (212) 571-0938
vik@pawarlawgroup.com

SOURCE: Pawar Law Group

ReleaseID: 457390