Case Page

 

Case Status:    ONGOING    
On or around 11/11/2016 (Ongoing date of last review)

Filing Date: November 11, 2016

According to the law firm press release, Pattern operates as an independent power company that owns and operates power projects in the United States, Canada, and Chile. As of October 18, 2016, the Company had a portfolio of 18 wind power projects with a total owned capacity of 2,644 MW. Pattern sells electricity and renewable energy credits primarily to local utilities and local liquid independent system organizations markets.

The Complaint 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 announced its financial and operating results for the quarter ended September 30, 2016 and disclosed a material weakness in internal controls over financial reporting. Pattern stated that its internal controls were “not effective as of September 30, 2016, due to the aggregation of internal control deficiencies related to the implementation, design, maintenance and operating effectiveness of various transaction, process level, and monitoring controls.”

On this news, Pattern’s share price fell $0.76, or 3.52%, to close at $20.86 on November 7, 2016.

COMPANY INFORMATION:

Sector: Utilities
Industry: Electric Utilities
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PEGI
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. California
DOCKET #: 16-CV-06560
JUDGE:
DATE FILED: 11/11/2016
CLASS PERIOD START: 05/09/2016
CLASS PERIOD END: 11/04/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Goldberg Law PC (Los Angeles)
    1999 Avenue of the Stars, Goldberg Law PC (Los Angeles), CA 90067
    1-800-977-7401 1-800-536-0065 ·
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date