NEW YORK--(BUSINESS WIRE)--The following statement is being issued by Levi & Korsinsky, LLP:
To: All persons or entities who purchased or otherwise acquired securities of Patriot National, Inc. ("Patriot National") (NYSE: PN) since its initial public offering on January 16, 2015 (the “IPO”). You are hereby notified Levi & Korsinsky has filed an amended complaint in the Court of Chancery of the State of Delaware challenging the unlawful conduct of Patriot National and its insiders. To view the complaint and add your voice to that of other concerned shareholders, go to:
or contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (212) 363-7500, toll-free: (877) 363-5972. There is no cost or obligation to you.
The complaint alleges that Steven M. Mariano—Chairman, President, CEO, Board member, and majority stockholder of the Company—has engaged in a series of behaviors to benefit himself and to the detriment of shareholders, often without the knowledge or approval of other Board members. In particular, the complaint alleges that, among other allegations, Mariano: (1) engaged in a series of post-IPO related-party transactions to enrich himself and other insiders; (2) arranged a private placement for $50 million of Company stock to a group of hedge funds in order to bail out himself and his other entities from a personal liquidity crisis; (3) renegotiated the private placement to provide the Company with no consideration after the market punished the disloyalty of said placement while still sending $30 million to himself; and (4) secretly engaged a second parallel set of advisors in the Company’s name without Board knowledge or approval to shop the Company in search of the best deal for himself; and (5) forced the Board to approve a leveraged recapitalization, over the objection of an independent director, who had resigned in protest. These disloyal acts have cost the Company and its minority stockholders hundreds of millions of dollars.
Levi & Korsinsky is a national firm with offices in New York, California, Connecticut, and Washington D.C. The firm’s attorneys have extensive expertise and experience representing investors in securities litigation, and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.