LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) is investigating potential claims on behalf of investors of Patriot National, Inc. (“Patriot National” or the “Company”) (NYSE: PN) concerning the Company and its officers’ possible violations of federal securities laws.
On March 3, 2017, the Company announced that it had entered into an agreement with Guarantee Insurance Group (“GIG”) and Steve Mariano, regarding the service agreements between the Company and GIG’s wholly-owned subsidiary Guarantee Insurance Company (“GIC”). Mr. Mariano is both the Chairman, CEO, and majority owner of Patriot National, as well as the majority owner of GIG. The Company further disclosed that GIC is the Company’s principal customer, with contracts and relationships from GIC generating $107.8 million, or 59% of the Company’s Total Fee Income and Fee Income from Related Party for the nine-months ended September 30, 2016. This disclosure comes on the heels of a report in December of 2016 that a Patriot National shareholder sued the Company in Delaware based on allegations that Mr. Mariano had been using the company “as his personal piggy bank” and that Mariano made a series of decisions that were detrimental to the Company’s business, but that allowed him to retain control of the Company. On this news, the Company’s stock price fell from a close of $4.39 on March 3, 2017, to a close of $3.01 on March 8, 2017, a decline of more than 30%, thereby injuring investors.
If you purchased Patriot National, Inc. securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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