BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming January 10, 2017 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Pattern Energy Group Inc. (“Pattern” or the “Company”) (NASDAQ: PEGI) securities between May 9, 2016 and November 4, 2016, inclusive (the “Class Period”). Pattern investors have until January 10, 2017 to file a lead plaintiff motion.
The Complaint filed in this class action lawsuit alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Pattern’s operations were deficient with respect to various transaction, process level, and monitoring controls; (ii) as a result, Pattern lacked effective internal financial controls; and (iii) as a result of the foregoing, Pattern’s public statements were materially false and misleading at all relevant times.
On November 7, 2016, Pattern disclosed that it had a material weakness in its internal controls over financial reporting. According to the Company, internal controls were ineffective primarily because of “deficiencies related to the implementation, design, maintenance, and operating effectiveness of various transaction, process level, and monitoring controls.”
On this news, shares of Pattern fell over 3.5% to close at $20.86 per share on November 7, 2016. The Company’s stock price then fell another 9% on November 9, 2016, to close at just $19.05 per share, thereby injuring investors.
If you purchased Pattern shares, you may move the Court no later than January 10, 2017 to request appointment as lead plaintiff. To be a member of the class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
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