NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. is investigating possible claims against Patriot National, Inc. (NYSE:PN). Our investigation concerns possible violations of the 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 the Chairman, CEO, and majority owner of Patriot National, as well as the majority owner of GIG. The Company further disclosed that GIC is Patriot National’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 complaint filed in November 2016 by a Patriot National shareholder alleging 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 or otherwise acquired Patriot National securities and suffered a loss, have information, 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 J. Brandon Walker, Esq. by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning our investigation into Patriot National, please go to www.bespc.com/patriotnational. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.