Pattern investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, 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 Class Period commences on May 9, 2016, when Pattern issued a press release and filed a Current Report on Form 8-K with the SEC, announcing certain of the company’s financial and operating results for the quarter ended March 31, 2016.
According to the complaint, 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.
Following this news, Pattern’s share price fell $0.76, or 3.52%, to close at $20.86 on November 7, 2016.
The complaint alleges that throughout the Class Period, the 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.
If you are a member of the class described above, you may no later than January 10, 2017 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org.
Kessler Topaz Meltzer & Check, LLP
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