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Levi & Korsinsky announces the commencement of a class action lawsuit in the USDC for the Northern District of California on behalf of shareholders of Pattern Energy Group Inc. (“Pattern Energy” or the “Company”) (NASDAQ: PEGI) who purchased shares between May 9, 2016 and November 4, 2016.
The complaint alleges that throughout the Class Period, defendants made materially 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 Energy announced its financial and operating results for the third quarter of 2016 and disclosed a material weakness in internal control over financial reporting. Pattern Energy stated that, as of September 30, 2016, its internal control “was not effective 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.”
If you suffered a loss in Pattern Energy you have until January 10, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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