Case Number: No. 1:17-cv-01866
Practice Area: Securities Fraud & Investor Protection
Case Status: Settled
Settlement Amount: $6.5 million
Court: United States District Court for the Southern District of New York
Berger Montague served as co-lead counsel and obtained a $6.5 million settlement on behalf of a class of investors who bought Patriot National, Inc. stock between Jan. 15, 2015, and Nov. 28, 2017. The plaintiffs won the settlement with the bankrupt company’s directors and officers. The case was litigated in the United States District Court for the Southern District of New York and captioned In re: Patriot National Inc. Securities Litigation, No. 1:17-cv-01866 (S.D.N.Y.).
Led by Lawrence Deutsch and Jacob Polakoff of Berger Montague, the plaintiffs alleged that Patriot National made materially false and misleading statements that included the company’s failure to adhere to its publicly disclosed Policy Regarding Transactions with Related Persons and the fact that Patriot National’s most important customer was on the brink of failure. The lawsuit further alleged that Patriot National, Inc. failed to properly consider a takeover offer and that the company used a stock repurchase program to artificially inflate Patriot’s stock price. The lawsuit alleged that the defendants artificially inflated the price of Patriot’s common stock as a result and that the stock price declined when the truth was revealed.
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About Berger Montague
Berger Montague is a national law firm focusing on complex civil litigation in federal and state courts throughout the United States. For over half a century, Berger Montague has played lead roles in consequential, precedent-setting cases and has recovered over $50 billion for its clients and the classes they have represented. Berger Montague is headquartered in Philadelphia and has offices in Chicago, Minneapolis, San Diego, San Francisco, Toronto, and Washington, D.C.