The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) Pattern Energy's operations were deficient with respect to various transactions, process level, and monitoring controls; (ii) as a result, the Company lacked effective internal financial controls; and (iii) as a result, Pattern Energy's public statements were materially false and misleading.
Specifically, on November 7, 2016, Pattern Energy announced its results for the quarter ended September 30, 2016. The Company disclosed a material weakness in internal controls over financial reporting.
On this news, Pattern Energy's share price fell from $21.62 per share on November 4, 2016 to a closing price of $20.86 on November 7, 2016 —a $0.76 or a 3.52% drop.
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If you invested in Pattern Energy common stock or options between May 9, 2016 and November 4, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/PEGI. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Pattern Energy's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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