SHAREHOLDER ALERT: WeissLaw LLP Investigates Pattern Energy Group Inc.
NEW YORK, Nov. 5, 2019 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Pattern Energy Group Inc. ("PEGI" or the "Company") (NASDAQ: PEGI) in connection with the proposed acquisition of the Company by the Canada Pension Plan Investment Board ("CPPIB"). Under the terms of the acquisition agreement, PEGI shareholders will receive $26.75 per share in cash, a 4% discount from its closing price on the last trading day prior to the announcement of the deal.
If you own PEGI shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
http://www.weisslawllp.com/pattern-energy-group-inc/
Or please contact:
Joshua Rubin, Esq.
WeissLaw LLP
1500 Broadway, 16th Floor
New York, NY 10036
(212) 682-3025
(888) 593-4771
stockinfo@weisslawllp.com
WeissLaw is investigating whether PEGI's Board acted to maximize shareholder value prior to entering into the acquisition agreement. Notably, PEGI reported $483 million in revenue in 2018, an increase of 18% year-over-year. In addition, Pattern Energy Group has numerous ongoing projects in the U.S., Canada and Japan, and a strong portfolio of diversified contracted operating assets which buttresses CPPIB's renewable energy investment strategy.
Moreover, the Company will start building its Western Spirit transmission line project in 2020, and there is an agreement in place to sell it to PNM, a Mexican utility company, for about $300 million. The transmission line will enable over $1 billion in wind farm projects.
Given these facts, WeissLaw is concentrating its investigation on whether the acquisition enhances shareholder value. WeissLaw is concerned whether the proposed acquisition undervalues the Company, and whether all material information related to the proposed acquisition is fully and fairly disclosed.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com
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SOURCE WeissLaw LLP
