NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired Patriot National, Inc. (NYSE:PN) securities between August 15, 2016 and March 3, 2017 (the “Class Period”). Investors have until May 15, 2017 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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.
Following this news, Patriot National shares fell $0.72 per share, or approximately 16.4%, to close at $3.67 per share on March 6, 2017.
If you purchased or otherwise acquired Patriot National securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, 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 Brandon Walker or Melissa A. Fortunato 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 the Patriot National lawsuit, please go to www.bespc.com/pn. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.