Patriot National Faces Class Action Complaint Over Scrapped Ebix Deal

A class action complaint has been filed against Patriot National Inc., alleging that a committee that rejected a possible sale of the company to Ebix Inc. was “beholden” to Patriot National Chief Executive Officer Steven Mariano. The lawsuit was filed in the U.S. District Court for the Southern District of New York and announced last week by shareholder rights law firm Robbins Arroyo LLP. The complaint was brought on behalf of all purchasers of Patriot National securities between Aug. 15, 2016, and March 3, 2017, for alleged violations of the Securities Exchange Act of 1934 by Pa...