San Diego, CA -- (SBWIRE) -- 03/22/2017 -- An investor, who purchased shares of Patriot National Inc (NYSE:PN), filed a lawsuit in of New York over alleged Securities Laws violations by Patriot National Inc in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Patriot National Inc (NYSE:PN) have certain options and for certain investors are short and strict deadlines running. Deadline: May 15, 2017. NYSE:PN investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.

According to the complaint the plaintiff alleges on behalf of purchasers of Patriot National Inc (NYSE:PN) common shares between August 15, 2016 and March 3, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between August 15, 2016 and March 3, 2017, the Defendants failed to disclose that the Patriot National Inc special committee was beholden to Mariano, that, as such, the special committee was operating for the benefit of Mariano, and not the Company or its shareholders, that the special committee did not independently assess the merits of the Ebix transaction, that the special committee was not exploring strategic alternatives in order to maximize shareholder value, and that, as a result of the foregoing, Defendants' statements about Patriot National's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

Fort Lauderdale, FL based Patriot National, Inc. is an independent national provider of technology-enabled outsourcing solutions that help insurance carriers, employers and other clients mitigate risk and comply with complex regulations.

In December 2016 it was reported that a Patriot National Inc shareholder sued Patriot National Inc in Delaware based on allegations that the CEO of Patriot National Inc Mr. Steve 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 March 3, 2017, Patriot National Inc announced that it had entered into an agreement with Guarantee Insurance Group and Mariano, regarding the service agreements between Patriot National Inc and Guarantee Insurance Group's wholly-owned subsidiary Guarantee Insurance Company.

Mr. Mariano is both the Chairman, CEO, and majority owner of Patriot National Inc, as well as the majority owner of Guarantee Insurance Company. Patriot National Inc further disclosed that Guarantee Insurance Company is the Company's principal customer, with contracts and relationships from Guarantee Insurance Company 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.

Shares of Patriot National Inc (NYSE:PN) declined to as low as $2.86 per share on March 8, 2017.

Those who purchased shares of Patriot National Inc have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com