SAN DIEGO & SAN FRANCISCO--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that a class action complaint was filed against Pattern Energy Group Inc. (NASDAQGS: PEGI) in the U.S. District Court for the Northern District of California. The complaint is brought on behalf of all purchasers of Pattern securities between May 9, 2016 and November 4, 2016, for alleged violations of the Securities Exchange Act of 1934 by Pattern's officers and directors. Pattern operates as an independent power company that owns and operates power projects in the United States, Canada, and Chile.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/pattern-energy-group-inc-nov-2016
Pattern Accused of Implementing Deficient Controls over Financial Reporting
According to the complaint, Pattern submitted several filings with the U.S. Securities and Exchange Commission certifying that the financial information was accurate and disclosed any material changes to the company's internal control over financial reporting. However, the complaint alleges that Pattern officials failed to disclose that Pattern's operations were deficient, and as a result, Pattern lacked effective internal financial controls.
On November 7, 2016, Pattern disclosed a material weakness in internal controls over financial reporting, citing deficiencies related to the implementation, design, maintenance, and operating effectiveness of various transaction, process level, and monitoring controls. Pattern further noted that frequent changes in organizational structure were not adequately supported by elements of the company's internal control over financial reporting. On this news, Pattern stock fell $0.76 per share, or 3.52%, to close at $20.86 per share on November 7, 2016.
Pattern Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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