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Case Status:    SETTLED
On or around 11/08/2019 (Other)

Filing Date: March 14, 2017

According to the law firm press release, the Complaint filed in this class action alleges throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the alleged breaches of fiduciary duty by Defendant, and alleged related party transactions that served to benefit Defendant to the detriment of other Company shareholders. Specifically, the complaint alleges that Defendants failed to disclose: (1) that the Patriot National special committee was beholden to Defendant; (2) that, as such, the special committee was operating for the benefit of Defendant, and not the Company or its shareholders; (3) that the special committee did not independently assess the merits of the Ebix transaction; (4) that the special committee was not exploring strategic alternatives in order to maximize shareholder value; and (5) 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.

An Order of Consolidation was issued on October 12, 2017.

On February 2, 2018, the Court issued an order staying all claims against the Issuer Defendant due to Defendant's voluntary filing of a petition in the United States Bankruptcy Court for the District of Delaware. On February 27, the Court issued an Order appointing Co-lead Plaintiffs and Counsel. On October 18, Co-lead Plaintiffs filed a consolidated amended Complaint. On December 20, the parties entered into a Stipulation and Agreement of Settlement. The Court issued an Order preliminarily approving the Settlement on July 22, 2019. On November 6, the Court granted final approval of the Settlement and entered Final Judgment.


Sector: Financial
Industry: Insurance (Miscellaneous)
Headquarters: United States


Ticker Symbol: PN
Company Market: New York SE
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: S.D. New York
DOCKET #: 17-CV-01866
JUDGE: Hon. Edgardo Ramos
DATE FILED: 03/14/2017
CLASS PERIOD END: 03/03/2017
  1. Glancy Prongay & Murray LLP (New York)
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 17-CV-01866
JUDGE: Hon. Edgardo Ramos
DATE FILED: 10/18/2018
CLASS PERIOD END: 11/28/2017
  1. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 ·
  2. Bronstein, Gewirtz & Grossman, LLC (New York)
    60 East 42nd Street - Suite 4600, Bronstein, Gewirtz & Grossman, LLC (New York), NY 10165
    212.697.6484 212.697.7296 ·
  3. Glancy Prongay & Murray LLP (New York)
    122 East 42nd Street, Suite 2920 , Glancy Prongay & Murray LLP (New York), NY 10168
    (212) 682-5340 (212) 884-0988 ·
  4. Safirstein Metcalf LLP
    1250 Broadway, 27th Floor, Safirstein Metcalf LLP, NY 10001
    212.201.2845 212.201.2845 ·
  5. The Grant Law Firm, PLLC
    521 Fifth Ave., 17th Floor, The Grant Law Firm, PLLC, NY 10175
    212-292-4441 ·
No Document Title Filing Date
No Document Title Filing Date