​PATTERN ENERGY GROUP, INC. 

​Securities Class Action

​​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.
Class Period
May 9, 2014 to November 4, 2016
Lead Plaintiff Motion Deadline
January 10, 2017
Stock Symbol
PEGI
Court
Northern District of California


FREE CASE EVALUATION

Email us OR fill out the form below for a free case evaluation

About this action:​A class action has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of Pattern Energy Group, Inc. (“Pattern”) (NASDAQ: PEGI) common stock between May 9, 2016 and November 4, 2016  (the “Class Period”).

​If you wish to serve as lead plaintiff, you must move the Court no later than January 10, 2017.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. 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.

​If you would like more information about getting involved in the Pattern Class Action, please fill out the form to the left, or contact Sheila Feerick at 1-800-221-0015, or email

info@SafirsteinMetcalf.com.  Safirstein Metcalf LLP represents individual and institutional clients in a wide variety of litigation, with an emphasis on class, derivative, and other complex actions on behalf of investors and consumers. The firm handles matters on a contingency fee basis.
 
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.According to the lawsuit, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies.  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, in relevant part:

[M]anagement believes that the Company’s internal control over financial reporting was 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.  These deficiencies largely have arisen during fiscal 2016 because of growth of the Company, increases in employee headcount to support growth, and frequent changes in organizational structure were not adequately supported by elements of its internal control over financial reporting.

On this news, Pattern’s share price fell $0.76, or 3.52%, to close at $20.86 on November 7, 2016.