NEW YORK, Sept. 22, 2017 (GLOBE NEWSWIRE) -- Safirstein Metcalf LLP and The Grant Law Firm, PLLC announce that they have filed a class action lawsuit against Patriot National, Inc. (“Patriot National” or the “Company”) (NYSE:PN) on behalf of purchasers of Patriot National common stock during the period of March 3, 2016 and November 14, 2016 (“Class Period”). This action was filed in the Southern District of New York and is captioned Kayce v. Patriot National, Inc. et al. No. 17-07164.
If you purchased common stock of Patriot National during the Class Period, and would like more information about the shareholder class action, please contact Safirstein Metcalf LLP at 1-800-221-0015, or email info@SafirsteinMetcalf.com
If you wish to serve as lead plaintiff, you must move the Court no later than November 21, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. 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.
The Complaint alleges that, throughout the Class Period, Defendants made affirmative misstatements concerning the purpose and need for the stock repurchase program (the “Stock Repurchase Program”) and falsely represented that its purpose was to increase the Company’s stock price because it did not accurately reflect the Company’s value, and directly manipulated the price of the Company’s stock through the Stock Repurchase Program. The Complaint alleges that the true purpose of the Stock Repurchase Program was to artificially inflate the market price of the Company’s stock to enable Steven Mariano, the Company’s controlling shareholder, to provide fewer shares to private equity investors pursuant to a previously executed agreement and to maintain his control position.
On November 14, 2016, the Company announced that it was expanding the Stock Repurchase Program from $15 million to $40 million. With this change in the Stock Repurchase Program, the Company characterized the increase (along with a special dividend) as a reward to shareholders for their patience. Investors, however, now saw the exposed truth – the Stock Repurchase Program was not about the Company’s concern that the stock was significantly undervalued but to aid Mariano. Following this revelation, the stock price dropped nearly 10% on very high volume and continued to trade on very high volume for two more days, closing on November 16 at over 12% lower than the stock price prior to the announcement.
About Safirstein Metcalf LLP
Safirstein Metcalf LLP focuses its practice on shareholder rights. The law firm also practices in the areas of antitrust and consumer protection. All of the Firm’s legal endeavors are rooted in its core mission: provide investor and consumer protection.
About The Grant Law Firm, PLLC
For over 30 years, Lynda J. Grant has represented aggrieved investors and consumers in a variety of actions, and has run The Grant Law Firm, PLLC for over seven years. She also has been heralded as one of the top woman attorneys in corporate governance, and has won significant governance changes in many of the country’s largest corporations.
Attorney advertising. Prior results do not guarantee a similar outcome.
Safirstein Metcalf LLP
Peter Safirstein, Esq.
1250 Broadway
27th Floor
New York, NY 10001
1-800-221-0015