Frequently Asked Questions

The Court directed that the Notice be mailed to you because you or someone in your family or an investment account for which you serve as a custodian may have purchased or otherwise acquired Patriot National common stock during the Settlement Class Period.  The Court has directed us to send you the Notice because, as a potential Settlement Class Member, you have a right to know about your options before the Court rules on the proposed Settlement.  Additionally, you have the right to understand how this class action lawsuit may generally affect your legal rights.  If the Court approves the Settlement and the Plan of Allocation (or some other plan of allocation), the Claims Administrator selected by Lead Plaintiffs and approved by the Court will make payments pursuant to the Settlement after any objections and appeals are resolved.

The purpose of the Notice is to inform you of the existence of this case, that it is brought as a class action, how you might be affected, and how to exclude yourself from the Settlement Class if you wish to do so.  It is also being sent to inform you of the terms of the proposed Settlement, how to share in the Settlement Fund, and of a hearing to be held by the Court to consider the fairness, reasonableness, and adequacy of the Settlement, the proposed Plan of Allocation and the motion by Lead Counsel for an award of attorneys’ fees and reimbursement of Litigation Expenses (the “Settlement Hearing”).  See paragraph 68 of the Notice for details about the Settlement Hearing, including the date and location of the hearing.

The issuance of the Notice is not an expression of any opinion by the Court concerning the merits of any claim in the Action, and the Court still has to decide whether to approve the Settlement.  If the Court approves the Settlement and a plan of allocation, then payments to Authorized Claimants will be made after any appeals are resolved and after the completion of all claims processing.  Please be patient, as this process can take some time to complete.

This case is brought as a federal securities class action on behalf of all individuals and entities that purchased or acquired Patriot National common stock between January 15, 2015 and November 28, 2017, and were damaged thereby. 

Two class action complaints were filed in the New York Court, which by Order dated October 12, 2017, were consolidated and recaptioned as In re Patriot National, Inc. Securities Litigation, Master File No. 1:17-cv-01866-ER.  Lead Plaintiffs and Lead Counsel were approved and appointed by the Court in February 2018.

On October 18, 2018, Plaintiffs filed and served their Consolidated Amended Class Action Complaint for Violations of the Federal Securities Laws (the “Complaint”) asserting claims against Defendants under Section 10(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, and Section 20(a) of the Exchange Act.  Among other things, the Complaint alleged that Patriot National and the Defendants made materially false and misleading statements about Patriot National’s business, including the company’s failure to adhere to its publicly disclosed Policy Regarding Transactions with Related Persons and the fact that Patriot National’s most important customer was on the brink of failure.  The Complaint further alleged that the prices of Patriot National common stock were artificially inflated as a result of these false and misleading statements, and the stock price declined when the truth was revealed. 

On January 30, 2018, Patriot National filed a voluntary petition for relief under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”).  The Bankruptcy Court ordered that all parties with an interest in claims that may be covered by director and officer insurance policies, including the Parties to the Action, participate in mediation.

The Parties engaged in extensive, arm’s-length negotiations regarding the settlement of Plaintiffs’ and the Settlement Class Members’ claims against Defendants.  Following multiple mediation sessions overseen by mediator Robert A. Meyer, Esq. of JAMS—in-person on April 18, 2018, April 19, 2018, June 26, 2018, and August 10, 2018, and by telephone on June 6, 2018—and numerous additional communications among counsel for the Parties over the course of many months, the Parties reached an agreement to settle the Action for $6,500,000.

Based on the investigation and mediation of the case and Lead Plaintiffs’ direct oversight of the prosecution of this matter and with the advice of their counsel, each of the Plaintiffs has agreed to settle and release the claims raised in the Action pursuant to the terms and provisions of the Stipulation, after considering, among other things, (a) the financial benefit that Plaintiffs and the other members of the Settlement Class will receive under the proposed Settlement; (b) the significant risks and costs of continued litigation and trial; and (c) the practical risks and limitations on recovering from these defendants and the risks as to the amount and availability of their insurance coverage and the limitations on recovery imposed by Patriot National’s filing for bankruptcy.  Plaintiffs and Lead Counsel have concluded that the Settlement is fair, reasonable, adequate, and in the best interests of Plaintiffs and the Settlement Class.

Defendants are entering into the Stipulation solely to eliminate the uncertainty, burden and expense of further protracted litigation.  Each of the Defendants denies any wrongdoing, and the Stipulation is not and shall in no event be construed or be deemed to be evidence of or an admission or concession on the part of any of the Defendants, or any other of the Defendants’ Releasees, with respect to any claim or allegation of any fault or liability or wrongdoing or damage whatsoever, or any infirmity in the defenses that the Defendants have, or could have, asserted.  Similarly, the Stipulation is not and shall in no event be construed or be deemed to be evidence of, or an admission or concession on the part of any Plaintiff of any infirmity in the claims asserted in the Action, or an admission or concession that any of the Defendants’ defenses to liability had any merit.

On July 22, 2019, the Court preliminarily approved the Settlement, authorized the Notice to be disseminated to potential Settlement Class Members, and scheduled the Settlement Hearing to consider whether to grant final approval to the Settlement.

If you are a member of the Settlement Class, you are subject to the Settlement, unless you timely request to be excluded.  The Settlement Class consists of: 

all individuals and entities that purchased or acquired Patriot National common stock between January 15, 2015, and November 28, 2017, inclusive, and were damaged thereby. 

Excluded from the Settlement Class are the Settling Persons; members of the Settling Persons’ Immediate Families; the Settling Persons’ legal representatives, heirs, successors or assigns, and any entity in which they have or had a controlling interest; any trust of which any Settling Person is the settlor or which is for the benefit of any Settling Person and/or member(s) of his or her family; and the current and former officers and directors of the company or the company’s successor entities.  Also excluded from the Settlement Class are any persons or entities that exclude themselves by submitting a request for exclusion in accordance with the requirements set forth in the NoticeSee “What If I Do Not Want To Be A Member Of The Settlement Class?  How Do I Exclude Myself,” on page 12-13 of the Notice.

PLEASE NOTE:  RECEIPT OF THE NOTICE DOES NOT MEAN THAT YOU ARE A SETTLEMENT CLASS MEMBER OR THAT YOU WILL BE ENTITLED TO RECEIVE PROCEEDS FROM THE SETTLEMENT.  IF YOU ARE A SETTLEMENT CLASS MEMBER AND YOU WISH TO BE ELIGIBLE TO PARTICIPATE IN THE DISTRIBUTION OF PROCEEDS FROM THE SETTLEMENT, YOU ARE REQUIRED TO SUBMIT THE CLAIM FORM THAT IS BEING DISTRIBUTED WITH THE NOTICE AND THE REQUIRED SUPPORTING DOCUMENTATION, AS SET FORTH THEREIN, POSTMARKED NO LATER THAN DECEMBER 17, 2019.

Plaintiffs and Lead Counsel believe that the claims asserted against Defendants have merit.  They recognize, however, the expense and length of continued proceedings necessary to pursue their claims against the remaining Defendants through trial and appeals, as well as the very substantial risks they would face in establishing liability and damages.  For example, Plaintiffs and Lead Counsel recognized that Defendants had numerous avenues of attack that could preclude a recovery as to Defendants’ allegedly false statements.  Defendants have asserted that their statements were not materially false and misleading, and that even if they were, they were not made with the requisite state of mind to support the securities fraud claims alleged.  Even if the hurdles to establishing liability were overcome, the amount of damages that could be attributed to the allegedly false statements would be contested.  Plaintiffs would have to prevail at several stages – motions for summary judgment, trial, and (if they prevailed on those) the appeals that would be likely to follow.  Thus, there were very significant risks attendant to the continued prosecution of the Action.  Furthermore, the limited ability of these Defendants or their insurers to pay a judgment on these claims greatly reduced the likelihood of any additional recovery.

In light of these risks, the amount of the Settlement and the certainty and immediacy of recovery by settlement to the Settlement Class, Plaintiffs and Lead Counsel believe that the proposed Settlement is fair, reasonable and adequate, and in the best interests of the Settlement Class.  Plaintiffs and Lead Counsel believe that the Settlement provides a significant benefit to the Settlement Class, namely $6,500,000 in cash (less the various deductions described in the Notice), as compared to the high risk that the claims in the Action would produce a smaller or no recovery after summary judgment, trial and appeals, possibly years in the future.

Defendants have denied the claims asserted against them in the Action and deny having engaged in any wrongdoing or violation of law.  Defendants have agreed to the Settlement solely to eliminate the burden and expense of continued litigation.  Accordingly, the Settlement is not and may not be construed as or be deemed to be evidence or an admission of any wrongdoing by Defendants.

If there were no Settlement and Plaintiffs failed to establish any essential legal or factual element of their claims against Defendants, neither Plaintiffs nor the other members of the Settlement Class would recover anything from Defendants.  Also, if Defendants were successful in proving any of their defenses, either at summary judgment, at trial, or on appeal, the Settlement Class could recover substantially less than the amount provided in the Settlement, or nothing at all.

As a Settlement Class Member, you are represented by Lead Plaintiffs and Lead Counsel, unless you enter an appearance through counsel of your own choice at your own expense.  You are not required to retain your own counsel, but if you choose to do so, such counsel must file a notice of appearance on your behalf and must serve copies of the appearance on the attorneys listed in the section entitled, “When And Where Will The Court Decide Whether To Approve The Settlement?,” in the Notice.

If you are a Settlement Class Member and do not wish to remain a Settlement Class Member, you may exclude yourself from the Settlement Class by following the instructions in the section entitled, “What If I Do Not Want To Be A Member Of The Settlement Class?  How Do I Exclude Myself?,” in the Notice.

If you are a Settlement Class Member and you wish to object to the Settlement, the Plan of Allocation, or Lead Counsel’s application for attorneys’ fees and reimbursement of Litigation Expenses, and if you do not exclude yourself from the Settlement Class, you may present your objections by following the instructions in the section entitled, “When And Where Will The Court Decide Whether To Approve The Settlement?,” in the Notice.

If you are a Settlement Class Member and you do not exclude yourself from the Settlement Class, you will be bound by any orders or judgments issued by the Court.  If the Settlement is approved, the Court will enter a judgment (the “Judgment”).  The Judgment will dismiss with prejudice the claims against Defendants and will provide that, upon the Effective Date of the Settlement, Plaintiffs and each of the other Settlement Class Members, on behalf of themselves, and their respective heirs, executors, administrators, predecessors, successors, and assigns in their capacities as such, will have fully, finally and forever compromised, settled, released, resolved, relinquished, waived and discharged each and every Released Plaintiffs’ Claim (as defined in ¶ 28 in the Notice) against the Defendants and the other Defendants’ Releasees (as defined in ¶ 29 in the Notice), and shall forever be barred and enjoined from prosecuting or asserting any or all of the Released Plaintiffs’ Claims against any of the Defendants’ Releasees.

“Released Plaintiffs’ Claims” means all claims and causes of action of every nature and description, whether legal, contractual, rescissory, statutory or equitable in nature, known or unknown, whether or not concealed or hidden, fixed or contingent, direct or indirect, anticipated or unanticipated, and whether arising under federal, state, foreign, common, statutory, regulatory or civil law, that Plaintiffs or any other member of the Settlement Class (or any of their heirs, executors, estates, trusts, successors, assigns, administrators, representatives, attorneys and agents): (a) asserted or assert in any complaint (including any amended complaint hereafter filed) in the Action, directly or indirectly, whether in an individual, class, derivative or any other representative capacity, on behalf of themselves or any other person or entity; or (b) could have asserted, directly or indirectly, whether in an individual, class, derivative or any other representative capacity, on behalf of themselves or any other person or entity, in the Court or in any other forum or in any other action, that arise out of or are based upon the allegations, transactions, facts, matters or occurrences, representations or omissions involved, set forth or referred to in the operative complaint (including any amended complaint hereafter filed) in the Action and that relate to the purchase, acquisition, ownership or sale of Patriot National’s securities during the Settlement Class Period.  Released Plaintiffs’ Claims do not include: (i) any claims relating to the enforcement of the Settlement or its terms; (ii) claims or potential claims against Patriot National’s auditor, BDO USA LLP, the underwriters for the IPO, UBS Securities LLC, BMO Capital Markets Corp., JMP Securities LLC, SunTrust Robinson Humphrey, Inc., and William Blair & Company, L.L.C., or Cerberus Business Finance LLC, or any of its or their affiliates; and (iii) any claims of any person or entity who or which submits a request for exclusion that is accepted by the Court.

“Defendants’ Releasees” means the Settling Persons, Patriot National, and any other person who was an officer, director or employee of Patriot National during the Settlement Class Period (including their Immediate Family members, heirs, executors, estates, trusts, successors, assigns, administrators, representatives, attorneys, agents, insurers and reinsurers and any entities controlled by any of the Settling Persons), in their capacities as such.  For the avoidance of doubt, “Defendants’ Releasees” shall not include Patriot National’s auditor, BDO USA LLP; the underwriters for the IPO; UBS Securities LLC, BMO Capital Markets Corp., JMP Securities LLC, SunTrust Robinson Humphrey, Inc., William Blair & Company, L.L.C.; or Cerberus Business Finance LLC, or any of these entities’ affiliates.

“Unknown Claims” means any Released Plaintiffs’ Claims which any Plaintiff or any other Settlement Class Member does not know or suspect to exist in his, her or its favor at the time of the release of such claims, and any Released Defendants’ Claims which any Defendant does not know or suspect to exist in his, her, or its favor at the time of the release of such claims, which, if known by him, her or it, might have affected his, her or its decision(s) with respect to this Settlement.  With respect to any and all Released Claims, the Parties stipulate and agree that, upon the Effective Date of the Settlement, Plaintiffs and Defendants shall expressly waive, and each of the other Settlement Class Members and each of the other Defendants’ Releasees shall be deemed to have waived, and by operation of the Judgment or the Alternate Judgment, if applicable, shall have expressly waived, any and all provisions, rights, and benefits conferred by any law of any state or territory of the United States, or principle of common law or foreign law, which is similar, comparable, or equivalent to California Civil Code §1542, which provides:

A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.

Plaintiffs and Defendants acknowledge, and each of the other Settlement Class Members and each of the other Defendants’ Releasees shall be deemed by operation of law to have acknowledged, that the foregoing waiver was separately bargained for and a key element of the Settlement.

The Judgment will also provide that, upon the Effective Date of the Settlement, Defendants, on behalf of themselves, and their respective heirs, executors, administrators, predecessors, successors, and assigns in their capacities as such, will have fully, finally and forever compromised, settled, released, resolved, relinquished, waived and discharged each and every Released Defendants’ Claim (as defined in ¶ 32 in the Notice) against Lead Plaintiffs and the other Plaintiffs’ Releasees (as defined in ¶ 33 in the Notice), and shall forever be barred and enjoined from prosecuting any  of the Released Defendants’ Claims against any of the Plaintiffs’ Releasees.

“Released Defendants’ Claims” means as against all Plaintiffs in the consolidated action and their respective attorneys, and as against all other Settlement Class members, all claims and causes of action of every nature and description, whether known or unknown, whether arising under federal, state, common or foreign law, that arise out of or relate in any way to the institution, prosecution, or settlement of the claims against the Settling Persons and Patriot National.  Released Defendants’ Claims do not include any claims relating to the enforcement of the Settlement or any claims against any person or entity who or which submits a request for exclusion from the Settlement Class that is accepted by the Court.

“Plaintiffs’ Releasees” means Lead Plaintiffs, all other plaintiffs in the Action, and any other Settlement Class Member, and their respective current and former officers, directors, agents, parents, affiliates, subsidiaries, successors, predecessors, assigns, assignees, employees, and attorneys, in their capacities as such.

To be eligible for a payment from the proceeds of the Settlement, you must be a member of the Settlement Class, and you must timely complete and return the Claim Form with adequate supporting documentation postmarked no later than December 17, 2019 to the Claims Administrator.  A Claim Form is included with the Notice, or you may obtain one from the Important Documents page on this website maintained by the Claims Administrator for the Settlement or you may request that a Claim Form be mailed to you by calling the Claims Administrator toll free at 1-866-274-4004.  Please retain all records of your ownership of and transactions in Patriot National common stock, as they may be needed to document your Claim.  If you request exclusion from the Settlement Class or do not submit a timely and valid Claim Form, you will not be eligible to share in the Net Settlement Fund.

At this time, it is not possible to make an exact determination as to how much any individual Settlement Class Member may receive from the Settlement.

Pursuant to the Settlement, Defendants have agreed to cause to be paid, solely from their Directors and Officers insurance policies, six million five hundred thousand dollars ($6,500,000) in cash.  The Settlement Amount will be deposited into an escrow account.  The Settlement Amount plus any interest earned thereon is referred to as the “Settlement Fund.”  If the Settlement is approved by the Court and the Effective Date occurs, the “Net Settlement Fund”—that is, the Settlement Fund less (a) all federal, state and/or local taxes on any income earned by the Settlement Fund and the reasonable costs incurred in connection with determining the amount of and paying taxes owed by the Settlement Fund (including reasonable expenses of tax attorneys and accountants); (b) the costs and expenses incurred in connection with providing notice to Settlement Class Members and administering the Settlement on behalf of Settlement Class Members; (c) any attorneys’ fees and Litigation Expenses awarded by the Court; and (d) any award to the Plaintiffs of the Action for their service on behalf of the class—will be distributed to Settlement Class Members who submit valid Claim Forms, in accordance with the proposed Plan of Allocation or such other plan of allocation as the Court may approve.

The Net Settlement Fund will not be distributed unless and until the Court has approved the Settlement and a plan of allocation, and the time for any petition for rehearing, appeal or review, whether by certiorari or otherwise, has expired and/or such approval is upheld on any appeal.

Neither Defendants nor any other person or entity that paid any portion of the Settlement Amount on their behalf are entitled to get back any portion of the Settlement Fund once the Court’s order or judgment approving the Settlement becomes Final.  Neither will Defendants have any liability, obligation or responsibility for the administration of the Settlement, the disbursement of the Net Settlement Fund or any plan of allocation.

Approval of the Settlement is independent from approval of a plan of allocation.  Any determination with respect to a plan of allocation will not affect the Settlement, if approved. 

Unless the Court otherwise orders, any Settlement Class Member who fails to submit a Claim Form postmarked on or before December 17, 2019 shall be fully and forever barred from receiving payments pursuant to the Settlement but will in all other respects remain a Settlement Class Member and be subject to the provisions of the Stipulation, including the terms of any Judgment entered and the releases given.  This means that each Settlement Class Member releases the Released Plaintiffs’ Claims against the Defendants’ Releasees and will be enjoined and prohibited from filing, prosecuting, or pursuing any of the Released Plaintiffs’ Claims against any of the Defendants’ Releasees, whether or not such Settlement Class Member submits a Claim Form.

Participants in and beneficiaries of a plan covered by ERISA (“ERISA Plan”) should NOT include any information relating to their transactions in Patriot National common stock held through the ERISA Plan in any Claim Form that they may submit in this Action.  They should include ONLY those shares that they purchased or acquired outside of the ERISA Plan.  Claims based on any ERISA Plan’s purchases or acquisitions of Patriot National common stock during the Settlement Class Period may be made by the plan’s trustees.  To the extent any of the Defendants or any of the other persons or entities excluded from the Settlement Class are participants in an ERISA Plan, such persons or entities shall not receive, either directly or indirectly, any portion of the recovery that may be obtained from the Settlement by that ERISA Plan.

The Court has reserved jurisdiction to allow, disallow, or adjust on equitable grounds the Claim of any Settlement Class Member. 

Each Claimant shall be deemed to have submitted to the jurisdiction of the Court with respect to their Claim Form.

Only Settlement Class Members, i.e., persons and entities who purchased or otherwise acquired Patriot National common stock during the Settlement Class Period and were damaged as a result of such purchases or acquisitions, will be eligible to share in the distribution of the Net Settlement Fund.  Persons and entities that are excluded from the Settlement Class by definition or that exclude themselves from the Settlement Class pursuant to request will not be eligible to receive a distribution from the Net Settlement Fund and should not submit Claim Forms.  The only securities that are included in the Settlement are Patriot National common stock.

Plaintiffs’ Counsel have not received any payment for their services in pursuing claims against the Defendants on behalf of the Settlement Class, nor have Plaintiffs’ Counsel been reimbursed for their out-of-pocket expenses.  Before final approval of the Settlement, Lead Counsel will apply to the Court for an award of attorneys’ fees for all Plaintiffs’ Counsel in an amount not to exceed 33% of the Settlement Fund.  At the same time, Lead Counsel also intends to apply for reimbursement of Litigation Expenses in an amount not to exceed $250,000, and may also seek awards for the Plaintiffs, pursuant to the Private Securities Litigation Reform Act, in an amount not to exceed $2,500 each.  The Court will determine the amount of any award of attorneys’ fees or reimbursement of Litigation Expenses or payment of any awards for the Plaintiffs.  Such sums as may be approved by the Court will be paid solely from the Settlement Fund.  Settlement Class Members are not personally liable for any such fees or expenses.

Each Settlement Class Member will be bound by all determinations and judgments in this lawsuit, whether favorable or unfavorable, unless such person or entity timely mails or delivers a written Request for Exclusion from the Settlement Class to the Claims Administrator, addressed to In re Patriot National, Inc. Securities Litigation, EXCLUSIONS, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson Street, Suite 205, Media, PA 19063.  The exclusion request must be received no later than October 16, 2019.  You will not be able to exclude yourself from the Settlement Class after that date.  Each Request for Exclusion must (a) state the name, address and telephone number of the person or entity requesting exclusion, and in the case of entities the name and telephone number of the appropriate contact person; (b) state that such person or entity “requests exclusion from the Settlement Class in In re Patriot National, Inc. Securities Litigation, Master File No. 1:17-cv-01866-ER”; (c) identify and state the number of shares of Patriot National common stock that the person or entity requesting exclusion purchased/acquired and/or sold during the Settlement Class Period (i.e., between January 15, 2015 and November 28, 2017, inclusive), as well as the dates and prices of each such purchase/acquisition and sale; and (d) be signed by the person or entity requesting exclusion or an authorized representative.  A Request for Exclusion shall not be valid and effective unless it provides all the information called for in this paragraph and is received within the time stated above, or is otherwise accepted by the Court.

If you do not want to be part of the Settlement Class, you must follow these instructions for exclusion even if you have pending, or wish to later file, another lawsuit, arbitration, or other proceeding relating to any Released Plaintiffs’ Claim against any of the Defendants’ Releasees.

If you ask to be excluded from the Settlement Class, you will not be eligible to receive any payment out of the Net Settlement Fund. 

Defendants have the right to terminate the Settlement if valid requests for exclusion are received from persons and entities entitled to be members of the Settlement Class in an amount that exceeds an amount agreed to by Plaintiffs and Defendants.

Settlement Class Members do not need to attend the Settlement Hearing.  The Court will consider any submission made in accordance with the provisions below even if a Settlement Class Member does not attend the hearing.  You can participate in the Settlement without attending the Settlement Hearing

The Settlement Hearing will be held on November 6, 2019 at 3:30 p.m., before the Honorable Edgardo Ramos at the United States District Court for the Southern District of New York, Thurgood Marshall United States Courthouse, Courtroom 619, 40 Foley Square, New York, NY 10007.  The Court reserves the right to approve the Settlement, the Plan of Allocation, Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of Litigation Expenses and/or any other matter related to the Settlement at or after the Settlement Hearing, and to adjourn the Hearing date, without further notice to the members of the Settlement Class.

Any Settlement Class Member who or which does not request exclusion may object to the Settlement, the proposed Plan of Allocation or Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of Litigation Expenses.  Objections must be in writing.  You must file any written objection, together with copies of all other papers and briefs supporting the objection, with the Clerk’s Office at the United States District Court for the Southern District of New York at the address set forth below on or before October 16, 2019.  You must also serve the papers on Lead Counsel and on Defendants’ Counsel at the addresses set forth below so that the papers are received on or before October 16, 2019.

Clerk’s Office

United States District Court
Southern District of New York
Clerk of the Court
Thurgood Marshall United States Courthouse
40 Foley Square
New York, NY 10007

Lead Counsel

Glancy Prongay & Murray LLP
Attn: Charles Linehan
1925 Century Park East,
Suite 2100
Los Angeles, CA 90067

-and-

Berger Montague
Attn: Lawrence Deutsch
1818 Market Street, Suite 3600
Philadelphia, PA 19103

Defendants’ Counsel

Sheppard, Mullin, Richter & Hampton, LLP
Attn: John P. Stigi III
1901 Avenue of The Stars, Suite 1600
Los Angeles, CA 90067

-and-

Cahill Gordon & Reindel LLP
Attn: Bradley J. Bondi
1990 K Street, N.W., Suite 950
Washington, D.C. 20006

-and-

Marcos D. Jiménez, P.A.
Attn: Marcos Daniel Jiménez
255 Alhambra Circle, Suite 800 Coral
Gables, FL 33134

Any objection (a) must state the name, address and telephone number of the person or entity objecting and must be signed by the objector; (b) must contain a statement of the Settlement Class Member’s objection or objections and the specific reasons for each objection, including any legal and evidentiary support the Settlement Class Member wishes to bring to the Court’s attention; and (c) must include documents sufficient to prove membership in the Settlement Class, including the number of shares of Patriot National common stock that the objecting Settlement Class Member purchased/acquired and/or sold during the Settlement Class Period (i.e., between January 15, 2015 and November 28, 2017, inclusive), as well as the dates and prices of each such purchase/acquisition and sale.  You may not object to the Settlement, the Plan of Allocation or Lead Counsel’s motion for attorneys’ fees and reimbursement of Litigation Expenses if you exclude yourself from the Settlement Class or if you are not a member of the Settlement Class.

You may file a written objection without having to appear at the Settlement Hearing.  You may not, however, appear at the Settlement Hearing to present your objection unless you first file and serve a written objection in accordance with the procedures described above, unless the Court orders otherwise.

If you wish to be heard orally at the hearing in opposition to the approval of the Settlement, the Plan of Allocation or Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of Litigation Expenses, and if you timely file and serve a written objection as described above, you must also file a notice of appearance with the Clerk’s Office and serve it on Lead Counsel and Defendants’ Counsel at the addresses set forth above so that it is received on or before October 16, 2019.  Persons who intend to object and desire to present evidence at the Settlement Hearing must include in their written objection or notice of appearance the identity of any witnesses they may call to testify and exhibits they intend to introduce into evidence at the hearing.  Such persons may be heard orally at the discretion of the Court.

You are not required to hire an attorney to represent you in making written objections or in appearing at the Settlement Hearing.  However, if you decide to hire an attorney, it will be at your own expense, and that attorney must file a notice of appearance with the Court and serve it on Lead Counsel and Defendants’ Counsel at the addresses set forth above so that the notice is received on or before October 16, 2019.

The Settlement Hearing may be adjourned by the Court without further written notice to the Settlement Class.  If you intend to attend the Settlement Hearing, you should confirm the date and time with Lead Counsel.

Unless the Court orders otherwise, any Settlement Class Member who does not object in the manner described above will be deemed to have waived any objection and shall be forever foreclosed from making any objection to the proposed Settlement, the proposed Plan of Allocation or Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of Litigation Expenses.  Settlement Class Members do not need to appear at the Settlement Hearing or take any other action to indicate their approval.

If you purchased or otherwise acquired Patriot National common stock between January 15, 2015 and November 28, 2017, inclusive, for the beneficial interest of persons or organizations other than yourself, you must either (a) within seven (7) calendar days of receipt of this Notice, request from the Claims Administrator sufficient copies of the Notice and Claim Form (the “Notice Packet”) to forward to all such beneficial owners and within seven (7) calendar days of receipt of those Notice Packets forward them to all such beneficial owners; or (b) within seven (7) calendar days of receipt of this Notice, provide a list of the names and addresses of all such beneficial owners to the Claims Administrator at In re Patriot National, Inc. Securities Litigation, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson Street, Suite 205, Media, PA 19063.  If you choose the second option, the Claims Administrator will send copies of the Notice Packet to the beneficial owners.  Upon full compliance with these directions, such nominees may seek reimbursement of their reasonable expenses actually incurred, by providing the Claims Administrator with proper documentation supporting the expenses for which reimbursement is sought.  Copies of the Notice and the Claim Form may also be obtained from this website maintained by the Claims Administrator or by calling the Claims Administrator toll-free at 1-866-274-4004.

The Notice contains only a summary of the terms of the proposed Settlement.  For more detailed information about the matters involved in this Action, you are referred to the papers on file in the Action, including the Stipulation, which may be inspected during regular office hours at the Office of the Clerk, United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, NY 10007.  Additionally, copies of the Stipulation and any related orders entered by the Court will be posted on the Important Documents page of this website maintained by the Claims Administrator.

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