LOS ANGELES--(BUSINESS WIRE)--
Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Pattern Energy Group Inc. (“Pattern” or the “Company”) (NASDAQ: PEGI) securities between May 9, 2016 and November 4, 2016, inclusive (the “Class Period”). Pattern investors have until January 10, 2017 to file a lead plaintiff motion.
Investors suffering losses on their Pattern investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to [email protected].
The Complaint filed in this class action lawsuit 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 disclosed that it had a material weakness in its internal controls over financial reporting. According to the Company, internal controls were ineffective primarily because of “deficiencies related to the implementation, design, maintenance, and operating effectiveness of various transaction, process level, and monitoring controls.”
On this news, shares of Pattern fell over 3.5% to close at $20.86 per share on November 7, 2016. The Company’s stock price then fell another 9% on November 9, 2016, to close at just $19.05 per share, thereby injuring investors.
If you purchased shares of Pattern during the Class Period you may move the Court no later than January 10, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at http://glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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