NEW YORK — The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Patriot National, Inc. (NYSE:PN) who purchased shares between August 15, 2016 and March 3, 2017. The action, which was filed in United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that on August 15, 2016, Patriot National confirmed that the special committee of its board of directors was working with Ebix, Inc. to possibly combine the two businesses. Then, on November 8, 2016, Patriot National announced that it was rejecting a $475 million proposal from Ebix. In a conference call with analysts, Steven M. Mariano, Chief Executive Officer of Patriot National, stated that the Ebix transaction was rejected because the Company had a better offer from someone else. However, the complaint alleges that Patriot National officials failed to disclose that the special committee was beholden to Mariano, was operating for the benefit of Mariano, did not independently assess the merits of the Ebix transaction, and was not exploring strategic alternatives to maximize shareholder value.
Shareholders have until May 15, 2017 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
If you suffered a loss during the class period and wish to obtain additional information, please contact Joseph Klein, Esq. by telephone at 212-616-4899 or visit http://www.kleinstocklaw.com/pslra-sa/patriot-national-inc-pn?wire=3.
Joseph Klein, Esq. is an experienced attorney and has also practiced as a Certified Public Accountant. Mr. Klein represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Joseph Klein, Esq. 2926 Avenue L Brooklyn, NY 11210 Telephone: (212) 616-4899 Fax: (347) 558-9665 www.kleinstocklaw.com