March 13, 2017 (Shareholders Foundation) - An investigation on behalf of investors of Patriot National Inc (NYSE:PN) shares over potential securities laws violations by Patriot National Inc and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Patriot National Inc (NYSE:PN) concerning whether a series of statements by Patriot National Inc regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Fort Lauderdale, FL based Patriot National, Inc. is an independent national provider of technology-enabled outsourcing solutions that help insurance carriers, employers and other clients mitigate risk and comply with complex regulations.

Patriot National Inc reported that its annual Total Revenue rose from $117.26 million in 2014 to $209.72 million in 2015 and that its Net Income of $10.41 million declined to a Net loss of $5.38 million in 2015.

In December 2016 it was reported that a Patriot National Inc shareholder sued Patriot National Inc in Delaware based on allegations that the CEO of Patriot National Inc Mr. Steve Mariano had been using the company as his personal piggy bank and that Mariano made a series of decisions that were detrimental to the Companys business, but that allowed him to retain control of the Company.

On March 3, 2017, Patriot National Inc announced that it had entered into an agreement with Guarantee Insurance Group and Mariano, regarding the service agreements between Patriot National Inc and Guarantee Insurance Groups wholly-owned subsidiary Guarantee Insurance Company.

Mr. Mariano is both the Chairman, CEO, and majority owner of Patriot National Inc, as well as the majority owner of Guarantee Insurance Company. Patriot National Inc further disclosed that Guarantee Insurance Company is the Companys principal customer, with contracts and relationships from Guarantee Insurance Company generating $107.8 million, or 59% of the Companys Total Fee Income and Fee Income from Related Party for the nine-months ended September 30, 2016.

Shares of Patriot National Inc (NYSE:PN) declined to as low as $2.86 per share on March 8, 2017.