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Case Status:    ONGOING    
On or around 02/02/2018 (Ongoing date of last review)

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.


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)
    122 East 42nd Street, Suite 2920 , Glancy Prongay & Murray LLP (New York), NY 10168
    (212) 682-5340 (212) 884-0988 ·
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