NEW YORK, Nov. 18, 2016 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Pattern Energy Group, Inc. ("Pattern" or the "Company") (NASDAQ: PEGI) and certain of its officers. The class action, filed in United States District Court, Northern District of California, and docketed under 16-cv-06560, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Pattern securities between May 9, 2016 and November 4, 2016, both dates inclusive (the "Class Period"), seeking to recover compensable damages caused by defendants' violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Pattern securities during the Class Period, you have until January 10, 2017 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
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.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
SOURCE Pomerantz LLP