March 14, 2017 - The case was voluntarily dismissed.

November 11, 2016 (Shareholders Foundation) - An investor in shares of Pattern Energy Group Inc (NASDAQ:PEGI) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Pattern Energy Group Inc in connection with certain allegedly false and misleading statements made between May 9, 2016 and November 4, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Pattern Energy Group Inc (NASDAQ:PEGI) common shares between May 9, 2016 and November 4, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 9, 2016 and November 4, 2016, the Defendants made false and/or misleading statements and/or failed to disclose that Pattern’s operations were deficient with respect to various transaction, process level, and monitoring controls, that as a result, Pattern lacked effective internal financial controls, and that as a result of the foregoing, Pattern’s public statements were materially false and misleading at all relevant times.

Pattern Energy Group Inc reported that its annual Total Revenue rose from $265.49 million in 2014 to $329.83 million in 2015 and that its Net Loss increased from $31.29 million in 2014 to $32.53 million in 2015.

On November 7, 2016, Pattern Energy Group Inc announced its financial and operating results for the third quarter of 2016 and disclosed a material weakness in internal control over financial reporting.
Pattern Energy Group Inc stated that, as of September 30, 2016, its internal control “was not effective 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.”

Shares of Pattern Energy Group Inc (NASDAQ:PEGI) declined to as low as $18.70 per share on November 10, 2016.