Pattern Energy
Robbins Geller Secures $100 Million Recovery in In re Pattern Energy Group Inc. Stockholders Litigation, No. 2020-0357-MTZ; In re Pattern Energy Group Inc. Securities Litigation, No. 20-cv-275 (MN) (JLH)
On May 6, 2024, a $100 million stockholder recovery was approved by the Court of Chancery of the State of Delaware in a case alleging that the March 2020 acquisition of Pattern Energy Group, Inc. (“PEGI”) was unfair and resulted from a conflicted sale process. This is among the largest cash settlements ever achieved in a class action in the Court of Chancery.
Robbins Geller and co-counsel represented the former holders of PEGI common stock. As alleged, PEGI’s officers and private equity firm Riverstone, aided and abetted by Goldman Sachs, competed directly for consideration with PEGI stockholders and blocked a superior third-party offer. In addition, PEGI’s board of directors wrongfully approved the transaction, and issued a materially false and misleading proxy statement to obtain stockholder approval. As a result, PEGI stockholders received insufficient consideration for their shares.
Vice Chancellor Morgan T. Zurn upheld the former PEGI stockholders’ claims and denied the defendants’ motion to dismiss on May 6, 2021. Since then, Robbins Geller and co-counsel engaged in extensive litigation to secure this $100 million recovery, which resolves both state and federal claims concerning the acquisition of PEGI.
The class consists of all holders of PEGI common stock as of the closing of the transaction on March 16, 2020, who received consideration for their PEGI shares in the transaction, subject to certain exclusions.
If you have any questions about the settlement or the litigation, please contact the Shareholder Relations Department at 1-800-449-4900.
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