Dallas-based Branham Law said that it is looking into “mismanagement” which it said resulted on a 35% drop in Patriot stock from concern the company could be seeking bankruptcy production.
“The concerns are centered around the company's inability to meet its financing needs,” firm officials said, adding that Standard & Poor's – apparently on account of the concerns – has reduced its rating to junk status.
"We are very concerned about how this company's finances have gotten to this point," managing partner Trey Branham added.
Branham Law has encouraged stockholders of anyone with information relating to the company to contact its office.
An ILN request to a Patriot spokesperson for comment and more details on the allegations was not returned Thursday afternoon.
