An investigation for investors in Patriot National Inc (NYSE:PN) shares over potential securities laws violations by Patriot National Inc was announced and NYSE:PN stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/14/2017 -- Patriot National Inc is under investigation over potential securities laws violations. The investigation was announced for investors of Patriot National Inc (NYSE:PN) shares in connection certain financial statements made by Patriot National Inc.
Investors who purchased shares of Patriot National Inc (NYSE:PN), have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The investigation by a law firm focuses on whether certain statements by Patriot National Inc regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
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.
Shareholders Foundation, Inc.
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