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